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Freeport LNG trims term loan size, cuts pricing to Libor plus 350 bps
By Sara Rosenberg
New York, Nov. 17 – Freeport LNG Investments LLLP downsized its seven-year first-lien term loan to $1.187 billion from $1.194 billion and reduced pricing to Libor plus 350 basis points from Libor plus 400 bps, according to a market source.
The term loan still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC, CIBC, Credit Agricole, ING, JPMorgan Chase Bank, MUFG, Natixis and Societe Generale are the lead arrangers on the deal.
Recommitments were scheduled to be due at noon ET on Wednesday, 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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