June 17 (LNG) - Cheniere Energy, the largest US LNG exporter from its two plants at Sabine Pass in Louisiana and Corpus Christi in Texas, said it obtained commitments from 17 financial institutions for a $2.5 billion three-year delayed draw senior secured term loan with the ability to add further commitments from additional banks.
Proceeds from borrowings under the Cheniere term loan, along with cash on the balance sheet, are expected to be used to repay existing notes. Cheniere said the term loan will bear interest at a rate of London Interbank Offered Rate (LIBOR) plus a margin based upon the applicable credit rating. The closing of the Cheniere loan is expected to occur this month.
