Excelerate Energy Closes $350 Million Revolving Credit Facility

Source: www.gulfoilandgas.com 4/18/2022, Location: North America

Excelerate Energy, Inc. (EE) (“Excelerate”) announced that the Company and Excelerate Energy Limited Partnership (the “Borrower”) have entered into a senior secured revolving credit facility (the “Facility”). The Facility enables the Borrower to borrow up to $350 million over a three-year term which expires in April 2025.

Borrowings under the credit facility will bear interest at a per annum rate equal to the term SOFR reference rate plus 0.10% (or alternate base rate) for such period plus an applicable margin, which will be based on the Borrower’s consolidated total leverage ratio as defined under the Facility. The unused portion of the Facility will be subject to an unused commitment fee at a rate per annum ranging from 0.375% to 0.50% based on the Borrower’s consolidated total leverage ratio.

The Facility is expected to be used primarily for letters of credit, working capital, and other general corporate purposes. The Facility contains customary representations, warranties, covenants (affirmative and negative, including maximum consolidated total leverage ratio and minimum consolidated interest coverage ratio covenants), and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of amounts borrowed under the Facility.

“Securing this new $350 million credit facility represents an important milestone for Excelerate Energy as we move forward as a public company,” said Steven Kobos, President and CEO of Excelerate. “We greatly appreciate the ongoing support from the banks in our lending group.”

JPMorgan Chase Bank, N.A. is acting as administrative agent. JPMorgan Chase Bank, N.A., along with Barclays Bank PLC, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation, and Wells Fargo Securities, LLC, served as joint lead arrangers and joint bookrunners, with BOKF, NA dba Bank of Oklahoma and First Financial Bank as additional lenders.

Gibson, Dunn & Crutcher LLP and Frederic Dorwart, Lawyers PLLC served as counsel to Excelerate.


United Kingdom >>  8/12/2022 - Highlights
· Share placement commitments to raise A$14.9 million gross proceeds.
· Issue price of A$0.009 per share represents a 18.2% dis...

Bermuda >>  8/11/2022 - This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of th...

Bermuda >>  8/11/2022 - The Board of Directors of Borr Drilling Limited has resolved to grant 4,000,000 options under the Company’s approved share option scheme to certain of...
Bermuda >>  8/11/2022 - Teekay Corporation announced that its Board of Directors has authorized a share repurchase program for the repurchase of up to $30 million of the Comp...

Canada >>  8/11/2022 - Frontera Energy Corporation has taken up and paid for 5,416,666 of its outstanding common shares (the "Shares") at a price of $12.00 per Share (the "P...
Chile >>  8/11/2022 - Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and CarbonFree Technology are pleased to announce the closing of approximately USD$360 milli...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.