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Moody's Investors Service ("Moody's") assigned an A3 rating on up to approximately $3.0 billion in new senior secured bonds due 2039 to be issued by Cameron LNG, LLC (Cameron or Project). The bond proceeds, depending on the size of the issuance, will be used to refinance all or a portion of the debt outstanding under the Project's $2.915 billion "uncovered" senior secured credit facility due 2030 (about $2.6 billion currently outstanding), to pay transaction and swap breakage costs. With respect to the undrawn portion of the bank facility that the bonds will replace, the proceeds will also be applied to fund a portion of the Project's remaining capital costs, which together with pre-completion cash flows and the undrawn portions of a $2.5 billion direct overseas investment loan provided by the Japan Bank for International Cooperation (JBIC) and a "covered" $2.0 billion loan provided by a syndicate of commercial banks insured by Nippon Export and Investment Insurance (NEXI), will be used to complete the Project.
Moody's Investors Service ("Moody's") affirmed the A3 rating on Cameron LNG, LLC's (Cameron or Project) $2.915 billion "uncovered" senior secured credit facility due 2030 (about $2.6 billion currently outstanding).
HOUSTON, Nov. 7, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced that it has been awarded a sizeable* technology contract by Formosa Chemicals Industries Ningbo Limited for the technology license and basic engineering services for a grassroots alpha-methylstyrene (AMS) recovery unit in Ningbo, China. This 10,000 MTA unit will utilize AMS technology jointly licensed by Versalis and McDermott's Lummus Technology to recover specialty chemicals for niche market sale.