Excelerate Energy wraps up IPO, secures $416.2 million

US floating LNG player Excelerate Energy said it has completed its previously announced initial public offering, raising about $416.2 million.

According to a statement issued on Monday, the FSRU owner controlled by billionaire George Kaiser received net proceeds of about $416.2 million, after deducting underwriting discounts and commissions.

Also, the company’s offering of 18.4 million shares of its Class A common stock, included the full exercise by the underwriters of their option to purchase 2.4 million additional shares, at a price of $24.00 per share, it said.

Excelerate’s Class A common stock is listed for trading on the New York Stock Exchange under the ticker symbol “EE”.

$350 million revolving credit facility

Texas-based Excelerate said in a separate statement on Monday it has entered into a senior secured revolving credit facility with Excelerate Energy Limited Partnership.

The facility enables the latter to borrow up to $350 million over a three-year term which expires in April 2025, according to Excelerate.

Moreover, Excelerate Energy Limited Partnership would use the facility primarily for letters of credit, working capital, and other general corporate purposes, it said.

“Securing this new $350 million credit facility represents an important milestone for Excelerate Energy as we move forward as a public company,” said Steven Kobos, president and CEO of Excelerate.

“We greatly appreciate the ongoing support from the banks in our lending group,” KObos said.

Excelerate operates ten floating storage and regasification units (FSRUs), one of the world’s largest fleets of such vessels.

In December last year, it started natural gas deliveries to the Brazilian market via the Bahia LNG terminal in Salvador.

With this, Excelerate became the first private sector company to sell regasified LNG to customers in Brazil.

Besides Brazil and the US, the firm operates in Argentina, Israel, Pakistan, Bangladesh, and the UAE.

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