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$3.4 billion funding released for LNG facility

Origin Energy has announced the remaining US$3.4 billion of shareholder guarantees for the Australia Pacific LNG US$8.5 billion project finance facility have been released after meeting all of the lenders’ completion tests.

In May 2012, Australia Pacific LNG secured a US$8.5 billion project finance facility with US EXIM, China EXIM and a consortium of Australian and international banks to fund the downstream component of the project, including the construction of the Curtis Island LNG facility.

Under the terms of the facility, Australia Pacific LNG’s shareholders – Origin, ConocoPhillips and Sinopec – each provided a guarantee of the debt proportional to their shareholding percentage during the downstream project’s construction phase.

In October 2016, Origin announced that US$5.1 billion of shareholder guarantees relating to the US$8.5 billion project finance facility had been released after the project’s first production train successfully satisfied the Train 1 lenders’ tests.

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