FLNG Hilli Episeyo - Closing of Post Acceptance Debt Financing
22 June 2018 - 12:17AM
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 Episeyocapital
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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