Höegh LNG Holdings Ltd. has received commitment letters for a USD 177 million debt financing for FSRU #9 (the “facility”), which is scheduled to be delivered in the fourth quarter of 2018. The facility comprises a 12-year tranche of USD 132 million guaranteed by K-SURE (South Korean export credit agency) and a five-year non-amortising commercial bank tranche of USD 45 million. A combination of existing and new lenders are participating in the facility.
The facility is available to fund 65% of the delivered cost of the FSRU based on a 16-year blended amortization profile. Höegh LNG intends to fix the interest rate and based on the current swap rate, the fixed interest rate is expected to be around 5%. The facility is subject to final documentation.
About Höegh LNG:
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 125 office staff and 500 seafarers.