Excelerate Energy has announced that it has completed the long-term sale and leaseback of the Experience floating storage and regasification unit (FSRU) with a wholly owned subsidiary of CMB Financial Leasing Co.
When the 10-year agreement is completed, Excelerate will repurchase the vessel from CMB. The agreement allows for the swap of short-term debt for long-term debt at the ultimate shareholder level. It also leaves Excelerate with a strong balance sheet and a debt-to-book equity ratio of approximately 1:1.
The Experience FSRU was commissioned in 2014, and is currently under long-term charter to Petrobras, providing Brazil with regasification services.
Read the article online at: https://www.lngindustry.com/regasification/11012017/excelerate-completes-sale-and-leaseback-of-fsru/