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Freeport LNG Train Three Bond 5

Model Audit

4th March 2021

DWPF provided model audit advice to Freeport LNG on the refinancing of FLIQ3’s existing OBF with long-term, stable debt in the form of senior secured notes.

 

The $1,500 million in rated senior secured notes refinanced a portion of the OBF. The notes are fixed rate and fully amortizing over 18 years. The refinancing is a credit positive as it reduces refinancing risk and locks in lower coupons than assumed under our rating case assumptions. The bond will be funded in two parts: with 640 million funded on March 8, 2021 and second tranche of $860 million on April 15, 2021. The project has received lender consent from the OBF lenders to optimize the project’s amortization profile that was a requirement for the funding of the second tranche.