Fresh off its successful market debut, Excelerate Energy Inc. on April 18 closed a $350 million revolving credit facility.
“Securing this new $350 million credit facility represents an important milestone for Excelerate Energy as we move forward as a public company,” Steven Kobos, president and CEO of Excelerate, commented in a company release.
Excelerate Energy is an LNG company located in The Woodlands, Texas, founded in 2003 by oil and gas tycoon George B. Kaiser. Shares of the company, which closed its IPO on April 18, have recently soared thanks to investor demand for companies with exposure to LNG amid the Russia-Ukraine conflict.
With offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Manila, Rio de Janeiro, Singapore and Washington, DC., Excelerate said it offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply.
The senior secured revolving credit facility enables Excelerate to borrow up to $350 million over a three-year term which expires in April 2025 and is expected to be used primarily for letters of credit, working capital and other general corporate purposes.
“We greatly appreciate the ongoing support from the banks in our lending group,” Kobos added in the company release.
JPMorgan Chase Bank NA is acting as administrative agent. JPMorgan Chase Bank NA, along with Barclays Bank Plc, Morgan Stanley Senior Funding Inc., Sumitomo Mitsui Banking Corp. and Wells Fargo Securities LLC, served as joint lead arrangers and joint book-runners, 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.
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