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Golar Receives Financing Commitment for GoFLNG Project


Golar LNG Limited (NASDAQ: GLNG) announced today that it has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd ("CSSCL") in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli. The financing structure will fund up to 80% of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700m from the facility to fund the ongoing conversion cost, once Golar has spent $400m of the estimated $1.2bn conversion cost and the tolling contract with Perenco and SNH have been ratified by the Cameroon government, expected during Q3 2015. The Company has spent approximately $385m against the conversion project to date and hence expects that the equity threshold required to trigger the financing arrangement will be reached shortly. This financing means that following the Cameroon government ratification, no further Golar direct funding for the Hilli conversion will be required, with the remainder of the conversion project being financed through this new debt facility. The second phase is triggered upon the delivery of the converted GoFLNG Hilli from Keppel Shipyard and the satisfaction of certain additional

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Posted-In: News Financing Contracts Press Releases


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