Commentary & Deal Flow

Golar LNG Limited (GLNG) exp security ratings B3/B- (issuer ratings B2/B) US$500m 144A/Reg S (without registration rights) 5.25NC2 sr unsec notes due 12/15/31. MWC at T+50bp. Equity Claw: Prior to the First Call Date, up to 40% at par plus one coupon. Call Schedule: First call at 100.000% + 50% of coupon in 2028, Second call at 100.000% + 25% of coupon in 2029, Callable at 100.000% from 2030. 101 CoC. Citi (B&D)/GS as Global Coordinators. ABN Amro/Citi/Clarksons Securities/Danske/DNB Carnegie/Fearnley Securities/GS/Pareto Securities joint bookrunners. Covenants: Incurrence based covenants including but not limited to: Debt Incurrence: Fixed Charge Coverage Ratio: 2.0x; Restricted Payments: 50% of CNI minus losses subject to 2:1 incurrence ratio; Total Loss Event; amongst others. Denoms: 200,000 x 1,000. UoP: Funding the construction of FLNG Esperanza and FLNG #4; and other general corporate purposes, including funding of further FLNG growth units. Marketing: https://dealroadshow.finsight.com/e/GOLAR26. Governing Law: New York. Listing: The International Stock Exchange. Pricing 09/24. Settle 10/08 (T+10). 144A CUSIP/ISIN: 38046YAF8/US38046YAF88. Reg S CUSIP/ISIN: G4023LAE1/USG4023LAE14.

IPTs: Cpn 7.50%, OID 99.00-100.00 (WPIR)

LAUNCH: $500m 7.50% 12/15/2031 @ 99.00