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HÖEGH LNG - TAKING DELIVERY OF THE FSRU "INDEPENDENCE"
May 12, 2014
Höegh LNG has taken delivery of the "Independence", the second of the four newbuilt FSRUs that the Company has ordered from Hyundai Heavy Industries Ltd (HHI), on May 12. The "Independence" is under a long term charter to Klaipedos Nafta in Lithuania, which will commence no later than by the end of the year. In the interim, the Company will deploy the unit in the short term LNG market.
Sveinung J.S. Støhle, President and CEO of HLNG, stated: "We are proud to have reached this significant milestone together with Klaipedos Nafta and HHI and expanded our current fleet of FSRUs to four vessels. The "Independence" represents the most advanced and efficient FSRU in the market, and plays a key role in giving Lithuania the energy infrastructure necessary to diversify its sources of natural gas".
HÖEGH LNG: AMENDMENT AND RESTATEMENT OF THE FSRU INDEPENDENCE DEBT FACILITY AND A NEW INTERIM LNGC TIMECHARTER
March 26, 2020
Hamilton, Bermuda, 26 March 2020 - Höegh LNG Holdings Ltd. (“Höegh LNG” or the “company”) has received a commitment letter from five of the company’s relationship banks for an amendment and extension and USD 45 million upsizing of the debt facility for the FSRU Independence.
The amendment and extension covers the Independence debt facility’s commercial tranche of USD 61 million maturing in May 2020. In the amendment and extension facility, the commercial tranche will be upsized by USD 45 million to USD 106 million with maturity in December 2024. The Independence debt facility also consists two tranches guaranteed by export credit agencies which remain unchanged, save for a reduction of their respective funding margins. Consequently, the blended amortization profile is stretched out and the funding cost has been significantly reduced, to an estimated blended average interest rate of about 4.0% for the full facility.
The additional USD 45 million will be available for general corporate use. The commitment is subject to final documentation, which is expected to be completed during second quarter of 2020.
New interim LNGC timecharter
Further, a subsidiary of the company has entered into an interim LNGC timecharter with an Asian-based trading house, for a period of around 7 months from mid-2020. The rate reflects the current term market for large size DFDE LNG carriers. Either Höegh Gannet or Höegh Gallant will be deployed for this contract. This charter and other short-term charters concluded increase the group’s contract coverage for 2020 to around 92%.
Sveinung J. S. Støhle, CEO & President of Höegh LNG stated: “I am very pleased to see that despite the Corona crisis and turbulent markets, the company has successfully increased the facility amount for FSRU Independence, and at the same time reduced the funding margin, which demonstrates Höegh LNG’s market position and the company’s strong and long-lasting relationship with our core banks. The new LNGC charter confirms Höegh LNG’s ability to secure firm interim business for its FSRU assets”.
