Excelerate signs FSRU leaseback with CMB

George Kaiser-led company strengthens its balance sheet with sale-and-leaseback play.

George Kaiser’s Excelerate Energy has teamed up with CMB Financial Leasing in a sale-and-leaseback deal.

CMB has bought the 173,400-cbm FSRU Experience (built 2014) which will be chartered back to Excelerate for 10 years.

In a statement, Excelerate explains the transaction allows it to swap short-term debt for long-term debt at the ultimate shareholder level.

It adds the deal strengthens its balance sheet and leaves it with a debt-to-book equity ratio of roughly 1:1.

“The transaction demonstrates the market's confidence in FSRUs as financeable and dependable assets and positions Excelerate well for future financings as part of its growth strategy,” the statement said.

The FSRU, which is on long-term charter to Petrobras, will be bought back after 10 years.

TradeWinds reported last year that Excelerate Energy was back on the sales block, with 20 serious bidders identified in October, including GasLog.

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