Freeport LNG Capital Raise for Train 4 Expansion

Freeport LNG and Westbourne Capital today jointly announce the execution of agreements under which Westbourne and its co-investors will provide an up to $1.025 billion mezzanine loan in support of Freeport LNG's proposed fourth natural gas liquefaction train expansion efforts. This financing, combined with a contemplated bank facility, will provide 100% of the capital required for Train 4 according to Freeport LNG.

This agreement follows Freeport LNG's receipt of its FERC and DOE authorizations for the Train 4 project and its execution of a Train 4 EPC contract with KBR. Under the terms of the Train 4 EPC contract, KBR will provide engineering, procurement, construction, commissioning and startup of the nominal 5 mtpa Train 4 and associated gas pre-treatment plant.

"We are happy to continue to progress our Train 4 expansion with an eye towards FID in the next several months," said Michael Smith, Founder, Chairman and CEO, Freeport LNG. "The Westbourne-led consortium have all been very supportive investors of Freeport in the past and we are excited to do more with them to grow the Company."

Earlier this month Freeport LNG announced that it shipped its first LNG commissioning cargo for Train 1 from the facility located on Quintana Island in Freeport, Texas.