Höegh LNG Gets Funds for Its Two Newbuildings

Oslo-listed Höegh LNG has concluded a $412 million financing agreement for its two new floating storage and regasification units (FSRUs).

Reference is made to the stock exchange notice dated 27 January 2014 where Höegh LNG announced that the company had received commitment letters from a group of banks for a $400 million Senior Secured Credit Facility for the financing of FSRU 3 (HÖEGH GALLANT) and FSRU 4.

Höegh LNG has now entered into a firm agreement for the facility, which has been upsized to $412 million. The facility is available for pre-and post-delivery financing, has a five year post-delivery tenor and a fifteen years repayment profile.

Banks participating in the financing are ABN Amro, Citibank, Crédit Agricole, Danske Bank, DNB, Nordea, and Swedbank. Eksportkreditt is providing fixed rate funding (CIRR) for 20% of the facility amount.

Höegh LNG’s President and Chief Executive Officer, Sveinung J. S. Støhle, said in a comment: “We are very pleased to have concluded this attractive financing for the last two of the four FSRUs currently under construction at Hyundai Heavy Industries. The structure of this financing underlines HLNG’s strong and leading position in the growing FSRU market.”

The vessels will be delivered in 2014 and early 2015, and have a storage capacity of 170 000 m3.​

[mappress]
hoeghlng, April 14, 2014