Tellurian Inc (TELL)

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Tellurian Signs Commitment Letter for Sale-Leaseback Deal for Louisiana LNG Project; Shares Rise

10:36 AM EDT, 07/19/2023 (MT Newswires) -- Tellurian (TELL) said Wednesday it signed a binding commitment letter with a Blue Owl Real Estate Capital fund regarding the sale and leaseback of roughly 800 acres of land owned and/or leased by Driftwood LNG, to be used for the proposed Driftwood liquefied natural gas terminal facility in Lake Charles, Louisiana.

The deal will comprise a sale of Driftwood LNG's interests in the land for $1 billion to a special purpose entity to be formed by the investor, according to a regulatory filing. Upon closing, the parties will sign a 40-year lease of the property from the buyer to Driftwood LNG under a master lease.

Tellurian shares rose by more than 7% in recent trading.

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