Qatar's Nakilat raises $950m for LNG tankers
Nakilat, a wholly-owned subsidiary of Qatar Gas Transport Company, has successfully raised $950mn debt financing from a group of 17 international and regional banks. The completion of the financing yesterday would keep Nakilat “fully funded and solidly on track” to complete its acquisition of a fleet of 25 LNG vessels currently under construction at the shipyards in South Korea operated by Daewoo Shipbuilding and Marine Engineering Company, Hyundai Heavy Industries Company and Samsung Heavy Industries Company.
The $949mn debt financing was the final part of the “additional programme debt” that Nakilat needs to raise for its existing LNG fleet.
The “Tranche III debt” will be used to fund the construction of Nakilat’s fleet of 25 LNG vessels, each of which is subject to a 25-year time charter to one of Qatargas II, Qatargas 3, RasGas 3 and Qatargas 4 projects.
The Tranche III debt comprises an $803mn senior bank facility with a tenor of 10 years, and a $146mn subordinated bank facility of the same tenor.
Nakilat’s fleet of 25 wholly-owned state-of-the-art large LNG vessels would be financed by the “programme financing”. In addition to the wholly-owned ships being acquired by Nakilat, Qatar Gas Transport Company (QGTC) has an ownership stake (43% on average) in 29 other LNG vessels, all of which are backed by long-term time charters.
HE the Deputy Premier Abdullah bin Hamad al-Attiyah, also the minister of energy and industry, congratulated Nakilat and QP on the completion of the $6.8bn programme debt.
Qatargas chairman and chief executive officer, Faisal al-Suwaidi, also Nakilat vice-chairman, said: “We are pleased to see Nakilat complete its $6.8bn programme debt financing with this third and final tranche. It is not only a success for Nakilat but also a testament to the robustness of Qatari LNG value chain and the strength of the Nakilat’s charterers.”
According to Mohamed Ghannam, QGTC’s managing director, Nakilat’s 25 wholly-owned vessels will serve as the floating pipeline to carry LNG for the Qatargas II, Qatargas 3, RasGas 3 and Qatargas 4 projects, which will together produce over 77mn tonnes per annum (mmtpa) of LNG.
The $949mn debt financing was the final part of the “additional programme debt” that Nakilat needs to raise for its existing LNG fleet.
The “Tranche III debt” will be used to fund the construction of Nakilat’s fleet of 25 LNG vessels, each of which is subject to a 25-year time charter to one of Qatargas II, Qatargas 3, RasGas 3 and Qatargas 4 projects.
The Tranche III debt comprises an $803mn senior bank facility with a tenor of 10 years, and a $146mn subordinated bank facility of the same tenor.
Nakilat’s fleet of 25 wholly-owned state-of-the-art large LNG vessels would be financed by the “programme financing”. In addition to the wholly-owned ships being acquired by Nakilat, Qatar Gas Transport Company (QGTC) has an ownership stake (43% on average) in 29 other LNG vessels, all of which are backed by long-term time charters.
HE the Deputy Premier Abdullah bin Hamad al-Attiyah, also the minister of energy and industry, congratulated Nakilat and QP on the completion of the $6.8bn programme debt.
Qatargas chairman and chief executive officer, Faisal al-Suwaidi, also Nakilat vice-chairman, said: “We are pleased to see Nakilat complete its $6.8bn programme debt financing with this third and final tranche. It is not only a success for Nakilat but also a testament to the robustness of Qatari LNG value chain and the strength of the Nakilat’s charterers.”
According to Mohamed Ghannam, QGTC’s managing director, Nakilat’s 25 wholly-owned vessels will serve as the floating pipeline to carry LNG for the Qatargas II, Qatargas 3, RasGas 3 and Qatargas 4 projects, which will together produce over 77mn tonnes per annum (mmtpa) of LNG.