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Sabine Pass Liquefaction completes $5.9 billion of credit facilities
By Sara Rosenberg
New York, May 29 - Sabine Pass Liquefaction LLC closed on its $5.9 billion of credit facilities due May 28, 2020 that includes a $4.4 billion term loan A, a $420 million senior secured credit facility, a $330 million senior secured credit facility and a $750 million senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
The term loan A was led by Societe Generale, the $420 million loan and the $330 million loan were led by KEB NY Financial Corp., and the $750 million loan was led by The Korea Development Bank.
Pricing on the term loan A is Libor plus 300 basis points during construction and Libor plus 325 bps during operation.
All of the other credit facility debt is priced at Libor plus 300 bps on the direct portion and Libor plus 230 bps on the covered portion during construction and operation.
Proceeds from the debt will be used to fund the remaining debt portion needed for the costs of developing, constructing and placing into service the first four trains of a liquefaction project being developed adjacent to the Sabine Pass LNG terminal and for general business purposes.
Closing on the transaction took place on May 28.
Sabine Pass is a Houston-based liquid natural gas company.
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