Excelerate boosts senior notes offering to $800 million

Excelerate Energy Limited Partnership, a unit of Excelerate, has priced its offering of $800 million in aggregate principal amount of 8.000 percent unsecured senior notes due 2030.

The firm said in a statement that the 2030 notes will mature on May 15, 2030, and will be issued at par.

The recent offering was upsized to $800 million in aggregate principal amount of 2030 notes from the original offering size of $700 million.

Excelerate said the 2030 notes will be guaranteed by certain direct and indirect restricted subsidiaries of the company.

The FSRU player expects the offering to close on May 5, subject to customary closing conditions.

Excelerate said it intends to use the net proceeds from the offering, together with the net proceeds from the recent equity offering and cash on hand, to fund the previously announced pending acquisition of NFE’s business in Jamaica for $1.055 billion.

In addition, Exclerate also aims to repay the outstanding borrowings under the company’s term loan facility, which were $163.6 million as of December 31, 2024, and pay related fees and expenses.

Excelerate operates ten FSRUs, one of the world’s largest fleets of such vessels, and these units are located worldwide.

Some FSRUs are located in Finland, Brazil, Dubai, Pakistan, while one FSRU will also start serving the second FSRU-based LNG import terminal in Germany’s Wilhelmshaven later this year.

In addition to these 10 FSRUs, Excelerate also ordered one 174,000-cbm FSRU at South Korea’s HD Hyundai Heavy Industries in 2022.

The firm also aims to buy an LNG carrier this year as part of its expansion plans.