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Cheniere Marketing gets $100 million revolver
By Sara Rosenberg
New York, Sept. 20 - Cheniere Marketing Inc. closed on a new $100 million revolving credit facility due Sept. 12, 2008, according to an 8-K filed with the Securities and Exchange Commission Thursday.
BNP Paribas acted as the lead bank on the deal that was completed on Sept. 14.
The revolver is priced at Libor plus 150 basis points, with a 37.5 bps commitment fee.
Borrowings are available for working capital requirements, for financing, securing or guaranteeing the performance related to the purchase, sale, storage, transfer or exchange of natural gas and other products, and to support obligations under commodity contracts and derivative contracts.
Covenants include working capital of no less than $40 million, tangible net worth of no less than $40 million and a leverage ratio of no greater than 7.5 to 1.0.
Cheniere Marketing is a direct wholly owned subsidiary of Cheniere Energy, Inc., a Houston-based developer, constructer, owner and operator of onshore liquefied natural gas receiving terminals and related natural gas pipelines.
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