NEWS
Cheniere secures $600M Credit Suisse loan
Houston, Sept 1 (LNG journal)
- Cheniere LNG has arranged a $600 million senior secured seven-year loan with global Swiss bank Credit Suisse at the London Interbank Offered Rate (LIBOR) plus 2.75 percent.
Cheniere has also entered into swap agreements with Credit Suisse to hedge the LIBOR interest rate component of the loan. The results of the swap agreements on the loan are an annual fixed rate of 7.25 percent for the first 5 years.
Cheniere LNG holds Cheniere Energy's 100 percent stake in Sabine Pass LNG project in Louisiana and Cheniere's 30 percent limited partner equity interest in Freeport LNG in Texas .
The loan proceeds will be used to fund corporate requirements such as debt servicing and Cheniere's various LNG projects.
These include the completion and potential expansion of Sabine Pass, construction of the Corpus Christi and/or the Creole Trail receiving terminals in Texas and Louisiana respectively, and pipelines from Cheniere's various LNG terminals, a company statement said.
