Finance - Debt
The facility provides a significant amount of liquidity while offering great optionality to take advantage of current market conditions.
Estimated capital costs for the proposed liquefaction project of $11.5 billion to $12.0 billion.
The trust is currently only $103 million drawn on its facility and is in full compliance with all covenants.
In addition, the Denver-based company’s borrowing base was maintained at $2.4 billion following its recent issuance of $600 million of senior notes.
A syndicate of 24 financial institutions provided the facility.
With an additional $135 million, the loan now totals about $500 million, the company added.
Shareholders of Canadian companies are demanding increased spending and payouts, Bloomberg said.
The facility’s revolving period was extended to Nov. 30, 2015.
The Dallas-based company is backed by New York-based The Blackstone Group LP.
The bank syndicate increased the amount to $250 million from $200 million in its semiannual redetermination.
Net proceeds will repay outstanding commercial paper program borrowings and support general partnership purposes.
The lenders deposited $5 million into escrow as part of the transaction, which will be released at closing.