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WFW advises Höegh LNG on debt financing for ninth FSRU

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LNG Industry,


Watson Farley & Williams (WFW) has announced that it advised Höegh LNG Ltd on the US$200 million debt financing for its ninth floating storage and regasification unit (FSRU).

The vessel is currently being built in South Korea at Hyundai Heavy Industries (HHI), with delivery scheduled for later this year. It has a regasification capacity of 1000 million ft3/d.

According to WFW, the facility consists of a 12-year export credit agency term loan of up to US$132.5 million, backed by Korea Trade Insurance Corp. (K-Sure), as well as a five-year non-amortising commercial bank loan of up to US$45 million funded by ABN AMRO Bank, Bank of America N.A., DNB Bank ASA and Citibank, N.A. ABN AMRO also reportedly acted as agent and security agent.

Lindsey Keeble, Partner and Global Maritime Group Head, led the WFW London team advising Höegh LNG, and was assisted by Senior Associate Ida-Marie Oedegaard and Associate Laura Gerrard.

Lindsey said: “This was a complex transaction that provides Höegh LNG with the flexibility required to assess the opportunities for future employment of the FSRU and maintaining the ability to ‘drop down’ assets in the future into Höegh LNG Partners LP. We are pleased to continue to work with the team at Höegh LNG and are looking forward to finalising the arrangements for the addition to the fleet.”

Read the article online at: https://www.lngindustry.com/regasification/24102018/wfw-advises-hegh-lng-on-debt-financing-for-ninth-fsru/

 

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