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Director outlines prepaid gas financing with BP and JPMorgan ahead of November gas flows
Summary
Director said staff is facilitating limited assignment agreements between BP and JPMorgan Chase to support prepaid financing for gas deliveries planned for November; legal redlines are in process and staff expects the agreements to be in place well before gas begins flowing.
Director told the commission staff is working with BP (configured as the gas supplier) and JPMorgan Chase on limited assignment agreements to structure prepaid financing for gas deliveries planned to start in November. The director said the agreements are primarily between BP and JPMorgan and do not change the utility's direct obligations, but staff is facilitating to ensure terms are in place before flows begin.
"It's essentially, basically, BP...and JPMorgan having the same agreement in place as far as how the gas is gonna be delivered in the terms between the gas supplier and JP Morgan as far as the financing of JP Morgan," Director said. He added that legal teams have exchanged redlines and staff expects the paperwork to be settled well before November.
