LNG shares soar on deal
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Liquified Natural Gas Ltd shares jumped after the company made a deal with investor Stonepeak Infrastructure Partners to provide $US660 million ($A719.3 million) of project equity for its Magnolia LNG project in Louisiana, United States.
LNG shares soared 38.1% to 29 cents at 1415 AEST, against a benchmark rise of 0.41%.
The funding is 100% of the equity for the construction and commissioning of the export project and Stonepeak is expected to take a stake of about 50% in the project.
The estimated capital cost of the initial development remains at $US2.2 billion, as previously advised.
LNG plans to finance the project with 70% debt financing, as well as the 30% equity financing provided by Stonepeak.
Stonepeak will help LNG secure long-term project debt financing, estimated at $US1.54 billion.
The infrastructure investor will pay LNG a one-off success fee of three per cent of total capital cost on the Magnolia LNG project achieving financial close, estimated at $US66 million.
Stonepeak will also be entitled to appoint one manager to the board of Magnolia LNG, but they will have no voting rights prior to financial close.
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