Venture Global announced on Thursday that VGCP closed the offering of $750 million aggregate principal amount of 6.000 percent senior secured notes due 2036.
The notes will mature on May 1, 2036.
According to Venture Global, VGCP used the net proceeds from the offering, together with cash on hand and proceeds received from certain hedge terminations, for the prepayment, in full, of VGCP’s outstanding term loans, and to pay fees and expenses in connection with the offering.
The notes are guaranteed by VGCP’s affiliate TransCameron Pipeline.
Venture Global said the notes are secured on a pari passu basis by a first-priority security interest in the assets that secure VGCP’s existing senior secured first lien credit facilities and VGCP’s existing senior secured notes.
The Calcasieu Pass plant in Louisiana produced its first LNG on January 19, 2022, moving from FID to LNG production in 29 months, while the first commissioning cargo left the facility on March 1, 2022.
In April last year, Venture Global launched commercial operations at its Calcasieu Pass LNG terminal, some 68 months from its final investment decision and 38 months after production start.
Venture Global and Italian energy firm Edison, a unit of EDF, recently signed a commercial agreement to settle the pending arbitration over LNG sales from the Calcasieu Pass plant.
As part of the settlement, Edison and Venture Global have also agreed to deliver additional LNG cargoes to Europe.
