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Project Financing for Procurement of LNG Tanker
Support for Strengthening LNG Value-chain to Ensure Long-term and Stable LNG Supplies

  • Region: North America
  • Energy and Natural Resources
  • Marine and Aerospace
  • Overseas Investment Loans
  • Project Finance

September 30, 2015
  1. The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) signed today the following two loan agreements in project financing*1 with a special purpose company (SPC) funded 50% by CHUBU Electric Power Co., Inc. (Chubu Electric) and 50% by Mitsui O.S.K. Lines, Ltd. Both loans are cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking Corporation.

    •  Borrower: TRANS PACIFIC SHIPPING 5 LTD. (TPS5), a Bahamas entity

         JBIC portion: up to JPY12,894 million
         Total cofinancing amount: JPY18,713 million

    • Borrower: TRANS PACIFIC SHIPPING 8 LTD. (TPS8), a Bahamas entity 

         JBIC portion: up to JPY13,062 million
         Total cofinancing amount: JPY18,863 million

  2. The loans are intended to finance the procurement by TPS5 and TPS8 of liquefied natural gas (LNG) tankers to be used mainly for transporting LNG produced by the U.S. Freeport LNG project, in which Chubu Electric participates.
     
  3. These loans support such efforts of Japanese companies to strengthen their energy value-chains, from participating in LNG projects to transporting LNG. Thus they will contribute to securing for Japan a long-term and stable supply of LNG that has become increasingly important in recent years as fuel for power generation, while applying the know-how of Japanese shipping companies.
     
  4. As Japan's policy-based financial institution, JBIC will continue to financially support the promotion of acquisition and development of energy resources by Japanese companies, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
Note
  1. *1  Project finance is a financing scheme in which repayments are made solely from the cash flows generated by the project and secured only on the project assets.

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