LNG Energy Group Announces Letter of Credit Facility with Macquarie Group

Highlights:

TORONTO, Oct. 17, 2023 (GLOBE NEWSWIRE) -- LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: 6MH) (the “Company” or “LNG Energy Group”) is pleased to announce that a wholly-owned subsidiary of the Company, LNG Canada Holdco Inc. (the “Borrower”) has entered into a letter of credit facility (the “LC Facility”) with Macquarie Group (“Macquarie”) in the aggregate principal amount of U.S.$13.3 million in order to fund its work commitment guarantees for its exploration and development blocks in Colombia. Lewis Energy Colombia, Inc. (the “Guarantor”), a wholly-owned subsidiary of the Borrower, has entered into the LC Facility as a guarantor. The LC Facility includes customary representations and warranties, events of default and change of control provisions substantially similar to those set out in the U.S.$70 million credit agreement (the “Credit Agreement”) entered into by the Borrower, Guarantor and Macquarie, including with respect to senior security over the assets of the Borrower and Guarantor. The letters of credit funded by the LC Facility will be used to guarantee work commitments under the Company’s contracts with the Agencia Nacional de Hidrocarburos (“ANH”) in Colombia.

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