Freeport LNG raises funds for Train 4 expansion
Published by David Rowlands,
Under the terms of these agreements, Westbourne and its co-investors will exclusively provide a mezzanine loan of up to US$1.025 billion to a subsidiary of Freeport LNG in support of Freeport LNG’s proposed fourth natural gas liquefaction train expansion efforts.
Freeport claims that this financing, combined with a contemplated bank facility, will be enough to provide 100% of the capital required for Train 4. Freeport LNG has already received receipt of its FERC and DOE authorisations for the Train 4 project, and has executed a Train 4 fixed price EPC contract with KBR, Inc. Under the terms of the Train 4 EPC contract, KBR will provide engineering, procurement, construction, commissioning and startup of the nominal 5 million tpy Train 4 and associated gas pretreatment plant for the export of US natural gas to international markets.
Michael Smith, Founder, Chairman and CEO, Freeport LNG, said: “We are happy to continue to progress our Train 4 expansion with an eye towards FID in the next several months.”
“The Westbourne-led consortium have all been very supportive investors of Freeport in the past and we are excited to do more with them to grow the company.”
George Batsakis, Executive Director and Partner, Westbourne Capital, added: “We are very pleased to extend our investment relationship with this world-class LNG project backed by an experienced management team and a strong stakeholder group.
“We wish Freeport every success with the imminent commencement of operations and development of Train 4.”
According to the statement, Brownstein Hyatt Farber Schreck acted as Freeport LNG’s counsel, while Allen and Overy acted as lenders’ counsel.
Read the article online at: https://www.lngindustry.com/liquefaction/10092019/freeport-lng-raises-funds-for-train-4-expansion/
You might also like
Fratelli Cosulich launches first bunkering vessel
Fratelli Cosulich has announced that the christening and launch of the first of its two small scale and bunker vessels took place on 22 March 2023, at the CIMC Sinopacific Offshore & Engineering shipyard in China.