Hamilton, Bermuda - January 14, 2020
Höegh LNG Holdings Ltd. (“Höegh LNG” or the “company”) today received commitment letters for a revolving credit facility of up to USD 80 million with security in the company’s common units in Höegh LNG Partners LP (the “facility”).
The facility is provided by three of the company’s relationship banks and will be used to refinance part of the HLNG02 bond loan which matures in June 2020 and general corporate purposes. The facility has a tenor of 2 years and an estimated interest rate of about 5.2% for drawn amounts based on the current floating interest rates. The facility is subject to final documentation, which is expected to be completed during first quarter of 2020.
Sveinung J. S. Støhle, CEO & President of Höegh LNG stated: “This revolving credit facility proves the importance of Höegh LNG’s strong and long-lasting relationship with our core banks. The facility provides Höegh LNG with flexible financing, in line with the company’s financial strategy, while at the same time reducing the financial costs.”
About Höegh LNG:
Höegh LNG operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions. Its strategy is to develop the business through an extended service offering, with large-scale FSRUs as the main product, and focus on establishing long-term contracts with attractive risk-adjusted returns involving credible counterparts. The company is publicly listed on the Oslo stock exchange under the ticker HLNG, and owns approximately 46% of Höegh LNG Partners LP (NYSE:HMLP). Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 155 office staff and 525 seafarers.
Höegh LNG press release