Höegh bumps FSRU Independence funds, nabs LNG carrier deal

Image courtesy of Höegh LNG

Höegh LNG has secured an extension and upsizing of its FSRU Independence debt facility as well as an interim time charter for one of its vessels.

The company received a commitment letter from five of its relationship banks for the amendment and extension of the Independence’s $61 million debt facility maturing in May 2020, Höegh LNG said in its statement on Thursday.

Under the new terms, the commercial tranche will be upsized by $45 million to $106 million with maturity in December 2024, with the additional funds available for general corporate use.

The Independence debt facility also consists of two tranches guaranteed by export credit agencies which remain unchanged, save for a reduction of their respective funding margins.

Further, a unit of the company has entered into an interim LNG carrier time-charter with an Asian-based trading house, for a period of around 7 months from mid-2020.

The rate reflects the current term market for large size DFDE LNG carriers, the company said noting that either Höegh Gannet or Höegh Gallant will be deployed for this contract.

This charter and other short-term charters concluded increase the group’s contract coverage for 2020 to around 92 percent, the statement reads.

Notice: LNG World News is soon to become part of a new environment Offshore-Energy.biz. This platform will provide you with daily news in the full spectrum of the markets and topics relevant to the energy transition. We will continue to provide you with all the relevant insights into the LNG market, in a new outfit.

Share this article

Follow LNG World News

Posted on March 26, 2020 with tags .


<< Mar 2020 >>
24 25 26 27 28 29 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >