This LOI announcement is great news. While it isn't the final binding commitment to provide specific guarantees or direct funding it does set the stage for Delfin to utilize this additional level of support. Think of an SBA guarantee for a domestic company looking to finance a piece of equipment with a bank. Higher risk projects benefit from EX/IM or SBA support.
To move an EXIM Bank Letter of Interest (LI) to a full direct loan or guarantee, the exporter must submit a formal, comprehensive application for a Preliminary Commitment (PC) or Final Commitment (AP) after winning the contract. Key requirements include submitting detailed financial information, meeting U.S. content standards, and satisfying environmental/economic impact reviews
Based on EXIM Bank’s guidelines, it is unlikely that they would issue a Letter of Interest (LI) if a company does not meet the core eligibility requirements, as the LI acts as a preliminary, high-level review of a transaction's feasibility
We know, Citi and Moelis are advising Delfin on securing the debt and equity for the FLNGs and no doubt have included the EX/IM Bank's support to strengthen the overall funding package. Nothing but good news.
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