Cheniere enlists 13 banks to refinance Sabine Pass debt

Cheniere enlists 13 banks to refinance Sabine Pass debt

Houston-based LNG player Cheniere informed on Monday it has engaged 13 financial institutions to structure and arrange US$2.8 billion credit facilities. 

According to the company’s statement, the new credit facilities will be used to prepay the $400 million loan at Cheniere Creole Trail pipeline and to redeem or repay the approximately $1.7 billion senior secured notes due 2016 and the $420 million senior secured notes due 2020 that were issued by Sabine Pass LNG.

The remaining credit facilities will be used to pay associated transaction fees, expenses, and make-whole amounts, if applicable, and for general business purposes of Cheniere.

The Creole Trail pipeline is a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.

Cheniere is developing and constructing natural gas liquefaction facilities at its existing Sabine Pass LNG import terminal. The company plans to construct over time up to six liquefaction trains, which are in various stages of development. Each train is expected to have a nominal production capacity of about 4.5 mtpa of LNG.

Although first LNG exports from the facility were expected in January, Cheniere recently pushed the date back to late February or March, due to additional work required as the final phases of plant commissioning and cool down revealed certain instrumentation issues.

The 13 arrangers and other participants are The Bank of Tokyo-Mitsubishi UFJ, ABN AMRO Capital USA, Société Générale, Industrial and Commercial Bank of China, New York branch, Intesa Sanpaolo, New York branch, JPMorgan Chase Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Morgan Stanley Senior Funding, Bank of America, Credit Suisse, HSBC Bank USA, and Commonwealth Bank of Australia.


LNG World News Staff

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