FLNG Hilli Episeyo - Closing of Post Acceptance Debt Financing
June 21 2018 - 9:42AM
FLNG Hilli
Episeyo - Closing of Post Acceptance Debt Financing
Golar LNG Limited ("Golar" or "The
Company") announces today that following the June 4th announcement
of commercial acceptance of Hilli Episeyo, the
Company has repaid the $640 million drawn under the $700 million
construction financing facility and drawn down on the post
acceptance $960 million lease financing facility provided by CSSC
Leasing. After the closing therefore an additional $320 million of
liquidity has been received by Golar.
The net increase in liquidity to
Golar after settling remaining Hilli Episeyo
capital commitments as well as amounts due to minority (10.89%)
shareholders Keppel and Black and Veatch as a result of the debt
draw down, is expected to be approximately $200 million. This is
based upon the expectation that a significant amount of the
contingency fund will not be required.
The drop down of 50% of the base tolling income to
Golar LNG Partners L.P. is expected to be concluded shortly. The
additional added contribution of approximately $82 million in
effective EBITDA* and effective
EBITDA backlog of $650million, given the 8 year contract
term, will significantly strengthening the MLP's financial position
and supporting the distribution going forward.
Golar CEO Iain Ross commented: "We
are delighted to have closed this financing and with the support
and good relationship we have with CSSC leasing. With the
announcement in April of the closing of the Sergipe financing we
are now in a position that all our major capital commitments are
fully funded, with the only exception being the FSRU Nanook which
has a 25 year charter and on which financing discussions are well
advanced. In addition to being fully funded the Company's liquidity
is also significantly improved."
*EBITDA: earnings before interest, tax,
depreciation and amortization; is a non GAAP measure and is defined
as being equivalent to revenues less operating expenses for the
purposes of this press release. Golar LNG Partners does not expect
to initially consolidate Golar Hilli LLC or Hilli Corp and so will
reflect its share of net income on its income statement as "equity
in net earnings of affiliates."
FORWARD LOOKING
STATEMENTS
This press release contains certain forward-looking statements
concerning future events and Golar's operations, performance and
financial condition. Forward-looking statements include, without
limitation, any statement that may predict, forecast, indicate or
imply future results, performance or achievements, and may contain
the words "believe", "anticipate", "expect", "estimate", "project",
"will be", "will continue", "will likely result", "plan", "intend"
or words or phrases of similar meanings. These statements involve
known and unknown risks and are based upon a number of assumptions
and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond Golar's
control. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Important
factors that could cause actual results to differ materially
include, but are not limited to, those factors listed from time to
time in the reports and other documents Golar files with the United
States Securities and Exchange Commission.
New factors emerge from time to
time, and it is not possible for Golar to predict all of these
factors. Further, Golar cannot assess the impact of each such
factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement.
Golar does not intend to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Golar's expectations with respect thereto or any change
in events, conditions or circumstances on which any such statement
is based.
Hamilton, Bermuda
June, 21 2018
Enquiries:
Golar Management Limited: + 44 207 063 7900
Stuart Buchanan
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
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