Excelerate secures $350mn credit facility
US floating LNG terminal developer Excelerate Energy announced on April 18 it had secured a senior revolving credit facility worth up to $350mn.
Excelerate can tap the funds over a three-year term that ends in April 2025. The annual interest rate on borrowing will be equal to secured overnight financing rate (SOFR) plus 0.10%. Excelerate will also pay a 0.375-0.50% commitment fee annually on the unused portion of the facility.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
The facility "is expected to be used primarily for letters of credit, working capital, and other general corporate purposes," Excelerate said.
JPMorgan Chase Bank is N.A. is acting as administrative agent for the facility while Barclays Bank PLC, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corp, and Wells Fargo Securities, LLC, served as joint lead arrangers and joint bookrunners. BOKF, NA dba Bank of Oklahoma and First Financial Bank were additional lenders.