Höegh LNG Upgrades Credit Facility to USD 412 Million

Höegh LNG of Norway said it has upsized its USD 400 million senior secured credit facility.

The company received commitment letters from a group of banks for a USD 400 million senior secured credit facility for the financing of FSRU #3 and FSRU #4.

Höegh LNG has entered into a firm agreement for the financing facility, which has been upsized to USD 412 million, the company said in a statement.

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. The interest rate will be swapped from floating to fixed.

Höegh LNG’s President and Chief Executive Officer, Sveinung J. S. Støhle, said: “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.”

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