Höegh LNG Seals USD 206 Mn to Finance FSRU #10

Hoegh GraceImage Courtesy: Hoegh LNG

Owner and operator of floating LNG import terminals Höegh LNG has received a commitment letter for a sale and leaseback financing for FSRU #10 of up to USD 206 million.

FSRU #10 is currently under construction at Samsung Heavy Industries in South Korea, and is scheduled for delivery in the second quarter of 2019.

The facility is provided by CCB Financial Leasing (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB), and is available to fund 70% of the delivered cost of the FSRU, increasing to 80% once long-term employment for the unit has been secured.

The facility bears a 20 year amortization profile and has a tenor of 12 years.

“With this sale and leaseback facility, Höegh LNG’s current newbuilding program is now fully equity and debt funded. Combined with the recent three newbuilding debt facilities, Höegh LNG continues to demonstrate support from a wide group of leading international banks and credit institutions, now also including CCB,” Sveinung J.S. Støhle, CEO & President of Höegh LNG, said.

“This agreement is also fully in line with HLNG’s strategy of expanding our activities in China, where we currently have the FSRU Höegh Esperanza on charter to CNOOC, and are actively pursuing new projects.”

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