Closure of the funding round comes shortly after the company began commercial operations at its Calcasieu Pass LNG export project
Venture Global LNG subsidiary Venture Global Plaquemines LNG has closed an offering of US$2.50Bn in senior secured notes to fund further development of an LNG liquefaction and export facility in Plaquemines Parish, Louisiana, approximately 32 km south of New Orleans.
Once complete, Plaquemines LNG is expected to have an export capacity of at least 20M tonnes per year (mta).
The funds for the project were issued in two rounds. The first series of 7.50% senior secured notes comes due for repayent in 2033 in an aggregate principal amount of US$1.25Bn. The second series of 7.75% senior secured notes comes due for repayment in 2035 in an aggregate principal amount of US$1.25Bn. The 2033 Notes will mature on 1 May 2033 and the 2035 Notes will mature on 1 May 2035, according to Venture Global LNG.
Venture Global said its subsidiary intends to use the net proceeds from the offering to “prepay certain amounts outstanding under VGPL’s existing senior secured first lien credit facilities and pay fees and expenses in connection with the offering”.
