The new debt facility has a seven-year tenor, 16-year amortisation profile and will incur interest at SOFR plus a margin of 2.50% p.a. Golar’s 70% share of the net liquidity released from the bank refinancing amounts to approximately US$400 million after repayment of the existing Gimi debt facility and unwinding of the existing interest-rate swap.
Golar’s CEO, Karl Fredrik Staubo, commented: “We are pleased to see strong interest from leading international banks to provide attractive financing for the FLNG Gimi. The new facility has improved terms compared to Gimi’s initial financing facility, which was put in place upon ordering of the FLNG Gimi. The new facility proves the bankability of Golar’s FLNG assets once operational on their long-term FLNG contracts at ~5.5x debt to EBITDA ratio.”
