Höegh LNG Gets $400m Loan for FSRUs 3 and 4

Höegh LNG has received commitments letters from seven international banks for a $400 million Senior Secured Credit Facility.

The facility, to be used for financing the FSRU #3 and FSRU #4, has a five year post delivery tenor and a fifteen years repayment profile. The facility is without charter employment requirements and available also for pre-delivery financing. Commitments are subject final documentation, which is in progress.

Banks participating in the Facility are ABN Amro, Citibank, Crédit Agricole, Danske Bank, DNB, NORDEA, and Swedbank.

Höegh LNG’s President and Chief Executive Officer, Sveinung J. S. Støhle, said in a comment: “We are pleased to have received commitments from our banks for this attractive financing for the last two of the four FSRUs currently under construction at Hyundai Heavy Industries. With this Facility the vessels are fully funded. The structure of this financing underlines the strength of and HLNG’s leading position in the fast growing FSRU market.”

All four newbuilds are purpose built FSRUs with larger storage and regasification capacity, higher energy efficiency and improved reliability.

The first three vessels are scheduled to be delivered in 2014 with the forth one to come in the first quarter of 2015.

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Press Release, January 27, 2014