Cheniere Announces Commitments for Term Loan Facility to Refinance Convertible Notes

Source: www.gulfoilandgas.com 6/16/2020, Location: North America

Cheniere Energy, Inc. has obtained commitments from 17 financial institutions for an approximately $2.5 billion three-year delayed draw Senior Secured Term Loan at Cheniere Energy, Inc. (the “Cheniere Term Loan”), with the ability to add further commitments from additional financial institutions. Proceeds from borrowings under the Cheniere Term Loan, along with cash on the balance sheet, are expected to be used to (i) repay the existing 11.0% Convertible Senior Secured Notes due 2025 issued by Cheniere CCH HoldCo II, LLC, (ii) repay and/or repurchase the 4.875% Convertible PIK Notes due 2021 issued by Cheniere and (iii) pay related fees and expenses. The Cheniere Term Loan will rank pari passu with the existing $1.25 billion Cheniere Revolving Credit Facility.

Borrowings under the Cheniere Term Loan will bear interest at a rate of London Interbank Offered Rate (LIBOR) plus a margin based upon the applicable credit rating of the Cheniere Term Loan. The closing of the Cheniere Term Loan is expected to occur in June 2020.


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