Law firm Chadbourne said it has represented the senior facility agent, the senior issuing banks and the senior lenders on a US$1.2 billion financing to provide working capital and letter of credit facilities for the Sabine Pass LNG export project located in Cameron Parish, Louisiana.
The financing enables Sabine Pass Liquefaction to tap the working capital facility for revolving loans to support working capital requirements of the project for the purchase, transportation and storage of natural gas, as well as other general working capital purposes, and to issue letters of credit in support of the company’s obligations to counterparties in relation to the purchase, transportation and storage of natural gas. In addition, the company will be able to request letters of credit in support of any debt service reserve requirements under its previously executed project financings.
The financing closed on September 4, Chadbourne said in a statement.
Sabine Pass Liquefaction, a unit of Cheniere Energy, is constructing up to six liquefaction trains with a nominal production capacity of approximately 4.5 mtpa. Cheniere has indicated that first LNG production from the Sabine Pass liquefaction facility is expected as early as the end of 2015.
Chadbourne has represented the various lenders to Sabine Pass Liquefaction since the initial Trains 1-2 financing that closed in 2012, and through the subsequent Trains 1-4 financing that closed in 2013 and the Trains 1-5 financing that recently closed on June 30.
Image: Cheniere