Golar LNG Partners Seals Golar Tundra Acquisition, USD 800 Mn Debt Facility

Nasdaq-listed Golar LNG Partners LP has completed the acquisition of the FSRU Golar Tundra from Golar LNG Limited (Golar) for a total consideration of USD 330 million, the company said.

The transaction to buy the 170,000 cbm floating storage and regasification unit was announced in February.

Before the completion of the Golar Tundra acquisition, the Partnership completed and drew down upon a new, 5-year, USD 800 million senior secured credit facility.

As explained, the new credit facility consists of a USD 650 million term loan facility and a USD 150 million revolving credit facility which together refinanced the existing credit facilities that were secured by seven vessels in the Partnership’s existing fleet and also provided part of the funding for the acquisition of the Golar Tundra.

Delivered to the company in November 2015, the FSRU was hired on a time charter by West Africa Gas Limited for an initial term of five years, with an option for WAGL to extend the charter for an additional five years.

The FSRU will be moored inside the port of Tema, on the coast of Ghana West Africa, at a new jetty being built by WAGL.

The Golar Tundra is expected to commence operations in the second quarter of 2016.

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