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Excelerate Energy Closes $350 Million Revolving Credit Facility
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Rhea-AI Summary
Excelerate Energy, Inc. (NYSE: EE) has secured a senior secured revolving credit facility of $350 million over a three-year term expiring in April 2025. The facility will primarily support working capital, letters of credit, and general corporate purposes. Borrowings will incur interest based on the term SOFR reference rate plus a margin contingent on the Borrower’s consolidated total leverage ratio. This milestone is seen as a significant step forward for Excelerate as a public company, with support from major banks including JPMorgan Chase Bank, Barclays, and others.
Positive
Secured a $350 million credit facility to enhance liquidity.
Term of the facility extends to April 2025, providing financial stability.
Facility intended for working capital and corporate purposes, supporting growth.
Negative
None.
THE WOODLANDS, Texas--(BUSINESS WIRE)--
Excelerate Energy, Inc. (NYSE: EE) ("Excelerate" or the "Company") today announced that the Company and Excelerate Energy Limited Partnership (the "Borrower") have entered into a senior secured revolving credit facility (the "Facility"). The Facility enables the Borrower to borrow up to $350 million over a three-year term which expires in April 2025.
Borrowings under the credit facility will bear interest at a per annum rate equal to the term SOFR reference rate plus 0.10% (or alternate base rate) for such period plus an applicable margin, which will be based on the Borrower’s consolidated total leverage ratio as defined under the Facility. The unused portion of the Facility will be subject to an unused commitment fee at a rate per annum ranging from 0.375% to 0.50% based on the Borrower’s consolidated total leverage ratio.
The Facility is expected to be used primarily for letters of credit, working capital, and other general corporate purposes. The Facility contains customary representations, warranties, covenants (affirmative and negative, including maximum consolidated total leverage ratio and minimum consolidated interest coverage ratio covenants), and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of amounts borrowed under the Facility.
“Securing this new $350 million credit facility represents an important milestone for Excelerate Energy as we move forward as a public company,” said Steven Kobos, President and CEO of Excelerate. “We greatly appreciate the ongoing support from the banks in our lending group.”
JPMorgan Chase Bank, N.A. is acting as administrative agent. JPMorgan Chase Bank, N.A., along with Barclays Bank PLC, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation, and Wells Fargo Securities, LLC, served as joint lead arrangers and joint bookrunners, with BOKF, NA dba Bank of Oklahoma and First Financial Bank as additional lenders.
Gibson, Dunn & Crutcher LLP and Frederic Dorwart, Lawyers PLLC served as counsel to Excelerate.
About Excelerate Energy
Excelerate Energy, Inc. is a US-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Manila, Rio de Janeiro, Singapore, and Washington, DC.
