Sabine Pass Liquefaction, LLC: debt financing — Sabine Pass Liquefaction enters $1B revolving credit facility, maturing 2028

Sabine Pass Liquefaction, LLC

New $1B revolving credit facility refinances existing March 2020 facility, matures June 23, 2028.
Interest at SOFR + 1.00%-1.75% margin (currently 1.125%); base rate + 0.00%-0.75%.
No financial covenants; negative covenants limited; cross-acceleration default threshold $500M.
Secured by first-priority lien on substantially all assets and pledge of SPL membership interests.
Facility used for general corporate purposes; 100% available for letters of credit.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sabine Pass Liquefaction, LLC incurred revolving credit of $1 billion with MUFG Bank, Ltd., as coordinating lead arranger, the Bank of Nova Scotia, as senior facility agent and Société Générale, as common security trustee at SOFR plus applicable margin ranging from 1.00% to 1.75% per annum maturing June 23, 2028.

Instrument: revolving credit
Principal: $1 billion
Counterparty: MUFG Bank, Ltd., as coordinating lead arranger, the Bank of Nova Scotia, as senior facility agent and Société Générale, as common security trustee
Rate: SOFR plus applicable margin ranging from 1.00% to 1.75% per annum
Maturity: June 23, 2028
Event: incurrence

Exact text from the filing

On June 23, 2023 (the “ Closing Date ”), Sabine Pass Liquefaction, LLC (“ SPL ”) entered into a $1 billion Senior Secured Revolving Credit and Guaranty Agreement among SPL, as borrower, various lenders (the “ Lenders ”) and issuing banks, MUFG Bank, Ltd., as coordinating lead arranger, the Bank of Nova Scotia, as senior facility agent and Société Générale, as common security trustee for the Lenders (the “ Revolving Credit Facility ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sabine Pass Liquefaction, LLC entered into Senior Secured Revolving Credit and Guaranty Agreement with various lenders and issuing banks, MUFG Bank, Ltd., as coordinating lead arranger, the Bank of Nova Scotia, as senior facility agent and Société Générale, as common security trustee valued at $1 billion (effective 2023-06-23).

Action: entry
Agreement: credit facility
Counterparty: various lenders and issuing banks, MUFG Bank, Ltd., as coordinating lead arranger, the Bank of Nova Scotia, as senior facility agent and Société Générale, as common security trustee
Value: $1 billion
Effective: 2023-06-23

Exact text from the filing

On June 23, 2023 (the “ Closing Date ”), Sabine Pass Liquefaction, LLC (“ SPL ”) entered into a $1 billion Senior Secured Revolving Credit and Guaranty Agreement

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sabine Pass Liquefaction, LLC amended Fourth Amended and Restated Common Terms Agreement with certain other parties and Société Générale, as common security trustee (effective 2023-06-23).

Action: amendment
Agreement: credit facility
Counterparty: certain other parties and Société Générale, as common security trustee
Effective: 2023-06-23

Exact text from the filing

In connection with the Revolving Credit Facility, SPL also entered into the Fourth Amended and Restated Common Terms Agreement, among SPL and certain other parties thereto and Société Générale, as common security trustee (the “ Common Terms Agreement ”), which amends and restates the Third Amended and Restated Common Terms Agreement

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Source: SEC EDGAR

accession 0001193125-23-175130

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