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.
Recommended Reading
Analysts: ‘Rare’ Summer NatGas Drawdown May Occur
2024-08-15 - A natural gas storage withdrawal for the Lower 48 may be in the cards this summer, the first to occur since 2016.
Fitch Downgrades New Fortress’ Default Rating, Citing Refinancing Risk
2024-08-14 - New Fortress Energy’s issuer default rating and senior secured debt were downgraded by Fitch, which cited a “highly constrained liquidity position,” as a reason behind its rating actions.
Hirs: Peak Oil Demand—Where Upstream Diverges from Downstream
2024-08-13 - The impact of peak oil demand is the same regardless of the sliding timelines published by the experts.
What's Affecting Oil Prices This Week? (Aug. 12, 2024)
2024-08-12 - Concerns about geopolitics in the Middle East and supply/demand fundamentals continue to weigh on oil prices in the week of Aug. 12.
OPEC Lowers Oil Demand Forecast, May Delay Unwinding Cuts
2024-08-12 - OPEC made its first cut in its 2024 forecast since July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption.