Excelerate Energy Completes FSRU Sale and Leaseback

Post date: 11.01.2017 , Views: 31
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Excelerate Energy Completes FSRU Sale and Leaseback Excelerate Energy US-based Excelerate Energy has completed the long-term sale and leaseback of the floating storage regasification unit (FSRU) Experience with a wholly owned subsidiary of CMB Financial Leasing Co. Upon completion of the 10-year agreement Excelerate said that it will re-purchase the FSRU from CMB. The transaction demonstrates the markets confidence in FSRUs as financeable and dependable assets and positions Excelerate well for future financings as part of its growth strategy, the company added. The agreement enables the swap of short-term debt for long-term debt at the ultimate shareholder level, and leaves Excelerate with a strong balance sheet and a debt-to-book equity ratio of roughly 1:1. Commissioned in 2014, Experience is currently under long-term charter to Petrobras, providing regasification services to Brazil. The company operates a fleet of nine FSRUs built between 2002 and 2014.