rss icon Subscribe
desktop mobile

Höegh LNG Secures Debt Financing for 9th FSRU

Image: Höegh LNG

Shailaja A. Lakshmi

Norway's floating storage and regasification unit (FSRU) giant Höegh LNG said it has secured a USD 177 million debt financing for its FSRU delivery unit number 9. The FSRU 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.

Sveinung J.S. Støhle, President & CEO of Höegh LNG, stated: "Höegh LNG continues to diversify its funding sources while obtaining competitive debt financing that is supportive of the company's commercial strategy. We are very pleased with K-SURE's support on this transaction and to extend our lending group with one new bank. We also appreciate very much the continued strong support from core banks."

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.

Aug 3, 2018

 

Vessels

Diana Shipping TC Contract for M/V Coronis

Coronis. Photo: Diana Shipping Inc.

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a

Benetti Rolls-out Bond-inspired Superyacht Spectre

M/Y Spectre. Photo: Benetti

Spectre, the ninth James Bond-inspired yacht commissioned by John Staluppi, has been launched by

Davie Delivers LNG-powered Ferry

The ferry MV Armand-Imbeau II built for the Canadian operator Société des traversiers du Québec (STQ), will operate on LNG fuel. (Image: Davie Shipyards)

Canadian operator Société des traversiers du Québec (STQ) has taken delivery of MV Armand-Imbeau II

LNG

Davie Delivers LNG-powered Ferry

Canadian operator Société des traversiers du Québec (STQ) has taken delivery of MV Armand-Imbeau II, a new environmentally friendly, 92-meter-long ferry built by Chantier Davie

New Fuel Rules Push Shipowners to Go Green with LNG

El Coquí, one of the world’s first ConRos powered by LNG (Photo: Crowley)

Tough new rules on marine fuel are forcing shipowners to explore liquefied natural gas as a

Enestas Boosts SEA\LNG’s Presence in Americas

Image: SEA\LNG

SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of

Maritime Apps