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Höegh LNG - Höegh LNG has received commitment letters for a USD 250 million Senior Secured Credit Facility for the financing of its Klaipedos Nafta FSRU Project in Lithuania

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Reference is made to the stock exchange notice dated 2 March 2012 where Höegh LNG Holdings Ltd. announced a ten year time charter agreement with AB Klaipedos Nafta for a floating LNG storage and regasification unit (FSRU) to be used as an LNG import terminal in Lithuania by its client Klaipedos Nafta. Höegh LNG intends to use the second FSRU being built at Hyundai Heavy Industries Ltd. in South Korea for this project.


Höegh LNG has received commitment letters from four banks for a USD 250 million corporate facility for the financing of the FSRU. The Facility is subject to credit guarantees by the Norwegian credit agency GIEK and the Korean credit agency K-sure, which has been provided through an Offer for Guarantee from GIEK and a Letter of Intent from K-sure for their respective portion of the guarantee. The facility is further subject to final documentation, which is in progress.

  

Höegh LNG's President and Chief Executive Officer, Sveinung J. S. Støhle, said in a comment: "We are very pleased with the structure of this facility and to have received commitments from our banks for the financing of the Klaipedos Nafta FSRU and with the inclusion of both Norwegian and Korean export credit agencies. The Facility will replace the portion of the existing USD 288 million bridging facility currently dedicated the FSRU. Furthermore, the Klaipedos Nafta FSRU project is on schedule in all aspects for a planned start-up in Q3 2014 "

 

About Höegh LNG

Höegh LNG is a fully integrated floating LNG services company with almost 40 years experience, offering long-term floating production, transportation, regasification and terminal solutions for the liquefied natural gas (LNG) market.

The company operates a fleet of six LNG carriers and two floating storage and regasification units (FSRUs).  In addition to transporting LNG, the FSRUs act as floating LNG import terminals delivering natural gas to the market.  Höegh LNG has three FSRUs on order at Hyundai Heavy Industries.  The company holds a significant project development portfolio for floating regasification as well as floating LNG production (FLNG).

Höegh LNG is a Bermuda company, which has also established presence in Oslo, Singapore, London and Tampa. In total the Company employs about 70 office staff and about 350 sea farers.

Contacts:

Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone + 47 975 57 406
Arild Jæger, Investor Relations, Telephone +47 975 57 408

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs.

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