BG of UK Secures USD 1.8 Billion Loan

BG Group of UK said that it has secured a $1.8 billion loan from the Export-Import Bank of the United States (US Ex-Im).

The loan, which marks further progress in the Group’s funding diversification plans, is also designed to support the export of US services and equipment for the ongoing delivery of the Queensland Curtis LNG project in Australia which is on schedule for first gas in 2014.

The US Ex-Im loan is the latest source of funding secured via the Group’s active treasury programme which helps to underpin the delivery of its key growth projects. Only last month BG Group agreed a new $3 billion syndicated facility, taking the total of undrawn committed bank borrowing facilities to $5.2bn, and in September 2012 reached an agreement with Japan Bank for International Cooperation (JBIC) aimed at supporting the long-term supply of liquefied natural gas to Japan.

In addition to this, since October 2011 $7.7 billion has been raised from capital markets, including the successful issuance of $2.1 billion in hybrid bonds. The Group has also reached an initial agreement with Brazilian Development Bank for up to $1.8 billion of new funding and signed a $500 million credit agreement with Export Development Canada.

[mappress]
LNG World News Staff, December 31, 2012