White & Case represents Freeport LNG in train 3 financing

White & Case said it has represented Freeport LNG in the close and funding of the third train of the Freeport LNG liquefaction and export facility being constructed at its existing LNG regasification facility at Quintana Island near Freeport, Texas. 

Total anticipated project costs for train 3, including financing costs, exceed US$4.2 billion.

Approximately US$3.64 billion of non-recourse senior secured debt for the project was provided by a syndicate of 27 commercial banks. The senior secured debt was structured as a seven-year mini-perm construction facility with an anticipated takeout in the capital markets, the law firm said in a statement.

In addition to the construction debt, the senior secured facilities include an integrated working capital facility and previously executed deal contingent hedges which locked in interest rates for Freeport LNG well in advance of closing.

The remaining US$ 0.925 billion of train 3 project costs was funded through a mezzanine note issuance.

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Image: White & Case