Fresh off its successful market debut, Excelerate Energy Inc. on April 18 closed a $350 million revolving credit facility.
“Securing this new $350 million credit facility represents an important milestone for Excelerate Energy as we move forward as a public company,” Steven Kobos, president and CEO of Excelerate, commented in a company release.
Excelerate Energy is an LNG company located in The Woodlands, Texas, founded in 2003 by oil and gas tycoon George B. Kaiser. Shares of the company, which closed its IPO on April 18, have recently soared thanks to investor demand for companies with exposure to LNG amid the Russia-Ukraine conflict.
With offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Manila, Rio de Janeiro, Singapore and Washington, DC., Excelerate said it offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply.
The senior secured revolving credit facility enables Excelerate to borrow up to $350 million over a three-year term which expires in April 2025 and is expected to be used primarily for letters of credit, working capital and other general corporate purposes.
“We greatly appreciate the ongoing support from the banks in our lending group,” Kobos added in the company release.
JPMorgan Chase Bank NA is acting as administrative agent. JPMorgan Chase Bank NA, along with Barclays Bank Plc, Morgan Stanley Senior Funding Inc., Sumitomo Mitsui Banking Corp. and Wells Fargo Securities LLC, served as joint lead arrangers and joint book-runners, with BOKF NA dba Bank of Oklahoma and First Financial Bank as additional lenders.
Gibson, Dunn & Crutcher LLP and Frederic Dorwart, Lawyers PLLC served as counsel to Excelerate.
Recommended Reading
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
The One Where EOG’s Stock Tanked
2024-02-23 - A rare earnings miss pushed the wildcatter’s stock down as much as 6%, while larger and smaller peers’ share prices were mostly unchanged. One analyst asked if EOG is like Narcissus.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Exxon, Chevron Tapping Permian for Output Growth in ‘24
2024-02-02 - Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.