Singapore LNG Corp. refinances project loan

Singapore LNG Corporation Pte Ltd (SLNG) has secured a US$1.11 billion term loan facility with five banks to refinance some of the Singapore Government loans.

The five banks are the following: Citibank N.A. (Singapore Branch), DBS Bank Ltd, Mizuho Bank Ltd (Singapore Branch), Oversea-Chinese Banking Corporation Limited and The Bank of Tokyo-Mitsubishi UFJ Ltd. Societe Generale Corporate & Investment Banking acted as the financial advisor to SLNG in securing this loan facility.

Specifically, proceeds from the facility will be used to refinance some of the Singapore Government loans that were extended to SLNG for the development and construction of the initial phases of the Singapore LNG Terminal located on Jurong Island. This includes:

• the construction of two jetties that can berth a wide range of liquefied natural gas (LNG) carriers from 60,000m³ to 265,000m³;
• three LNG storage tanks of 180,000m³ each; and
• regasification facilities to support the current throughput capacity of 6 million tonnes per annum (Mtpa).

The Terminal began commercial operations in May 2013 and to date, it has received 39 LNG vessels delivering more than 120 million mmBtus (Million British Thermal Units), or about 2.28 million metric tonnes, of LNG to Singapore.

Mr John Ng, SLNG’s Chief Executive Officer, said,

“We would like to thank all the participating banks for extending this loan facility, as well as Societe Generale for its advice and assistance throughout this process. Beyond just prudent financial management, this significant external borrowing represents another important step in the development of SLNG as a commercial entity and reflects the growing confidence in the marketplace that the LNG industry in Singapore has a promising future ahead of it.”