Cheniere closes $2.8 bln Sabine Pass debt refinancing
Houston-based LNG player Cheniere on Friday said it has closed the US$2.8 billion credit facilities revealed at the end of January.
The four-year credit facilities consist of an approximately $450 million Cheniere Creole Trail Pipeline (CCTP) tranche term loan, an approximately $2.1 billion Sabine Pass LNG tranche term loan, and an approximately $240 million revolving credit facility, the company said in a statement.
As it was reported in January, proceeds from these new credit facilities will be used by Cheniere Partners to prepay the $400 million senior secured term loan at CCTP, to redeem or repay the $1.7 billion senior secured notes due 2016 and the $420 million senior secured notes due 2020.
Notes were issued by Sabine Pass LNG to pay associated transaction costs and make-whole amounts, if any, and for general business purposes of Cheniere Partners and its subsidiaries.
Proceeds will also be used to pay associated transaction costs and make-whole amounts, if any, and for general business purposes of Cheniere Partners and its subsidiaries.
Although Cheniere initially enlisted 13 banks for the credit facilities, Friday statement reveals the company collaborated with 16 arrangers.
LNG World News Staff