Sabine Pass gets $1.2 billion revolver and letter-of-credit facility

By Sara Rosenberg

New York, March 23 – Sabine Pass Liquefaction LLC, a wholly owned subsidiary of Cheniere Energy Partners LP, closed on March 19 on a $1.2 billion working capital revolving and letter-of-credit reimbursement agreement due March 19, 2025, according to an 8-K filed with the Securities and Exchange Commission on Monday.

ABN Amro Capital USA LLC, Banco Bilbao Vizcaya Argentaria, Banco de Sabadell, Banco Santander, Bank of China, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Citibank, HSBC Bank USA, Industrial and Commercial Bank of China, ING Capital LLC, Intesa Sanpaolo SpA, Mizuho Bank, MUFG, National Australia Bank, Natixis, Societe Generale, Standard Chartered Bank, Sumitomo Mitsui Banking Corp. and Wells Fargo Securities LLC acted as the joint lead arrangers on the deal. Scotia is the senior facility agent.

Pricing can range from Libor plus 112.5 basis points to 175 bps, and the commitment fee can range from 10 bps to 30 bps, both based on ratings.

There is an $800 million accordion.

Proceeds are being used for the refinancing of an existing working capital revolving and letter-of-credit reimbursement agreement, for gas purchase obligations and for general corporate purposes.

Sabine Pass Liquefaction owns, develops, and operates natural gas liquefaction facilities in Cameron Parish, La.

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