Chadbourne & Parke LLP has announced that it represented the Senior Facility Agent, the Senior Issuing Banks and the Senior Lenders on a US$1.2 billion financing to provide working capital and letter of credit facilities for Cheniere Emergy’s Sabine Pass Liquefaction LNG export project in Cameron Parish, Louisiana, US.
The financing will enable Sabine Pass Liquefaction LLC to tap the working capital facility for revolving loans to support working capital requirements of the LNG project for the purchase, transportation and storage of natural gas, as well as other general working capital purposes. It will also be used to issue letters of credit in support of the company's obligations to counterparties in relation to the purchase, transportation and storage of natural gas. The company will also be able to request letters of credit in support of any debt service reserve requirements under its previously executed project financings.
Chadbourne has represented the various lenders to Sabine Pass Liquefaction LLC since the initial Trains 1 - 2 financing, which closed in 2012, and through the subsequent Trains 1 - 4 financing that closed in 2013 and the Trains 1 - 5 financing that closed on 30 June 2015.
Earlier this year, Chadbourne confirmed that it also represented the lenders in connection with the US$11.5 billion senior debt financing for Cheniere Energy’s Corpus Christi LNG project.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/16092015/chadbourne-represents-lenders-in-sabine-pass-lng-financing-1302/