Cheniere Energy Agrees to Sell Interest in Freeport LNG Development, L.P.

abarrelfullabarrelfull wrote on 08 Mar 2012 11:23

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April 22, 2010

Cheniere Energy, Inc. ("Cheniere") (NYSE Amex: LNG) announced today that it has agreed to sell its 30 percent limited partner interest in Freeport LNG Development L.P. to Zachry American Infrastructure, LLC, an independent member of the Zachry group of companies, located in San Antonio, Texas, and Hastings Funds Management (USA), Inc., a wholly owned subsidiary of Westpac Banking Corporation, acting on behalf of various institutional investors.

The net proceeds of approximately $104 million will be used to pay down a portion of the $400 million, 9.75% term loan held by a Cheniere subsidiary. This transaction is in-line with Cheniere's financial strategy of improving its capital structure and reducing debt.

The transaction is expected to close in the second quarter of 2010 subject to meeting conditions precedent including satisfactory completion of due diligence and regulatory approvals. Sagent Advisors, Inc. is providing certain financial advisory services to Cheniere in connection with the transaction.

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