Freeport LNG launches $1.19 billion term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Nov. 8 – Freeport LNG Investments LLLP was scheduled to hold a lender call at 3:30 p.m. ET on Monday to launch a $1.194 billion seven-year first-lien term loan that is talked at Libor plus 400 basis points with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are B1/B+/B+.

Credit Suisse Securities (USA) LLC, CIBC, Credit Agricole, ING, JPMorgan Chase Bank, MUFG, Natixis and Societe Generale are the lead arrangers on the deal.

Commitments are due at noon ET on Nov. 19, the source added.

Proceeds will be used to refinance existing debt.

Freeport LNG is a limited liability partnership that holds Michael Smith’s limited partnership interests in Freeport LNG Development LP, an operator of a liquefied natural gas receiving and regasification terminal.

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