Venture Global LNG has closed a $500 mill term loan.
The banks invloved were JPMorgan Chase Bank, Morgan Stanley Senior Funding, Mizuho Bank, and Bank of America.
The proceeds will be used to fund pre-FID construction activities at the company's Plaquemines LNG export project, as well as for general corporate purposes.
The transaction was increased from $400 mill to $500 mill based on strong lender interest, the company said.
CEO, Mike Sabel, said, "We are proud to continue to partner with this group of leading banks, all of whom are lenders to our Calcasieu Pass LNG export facility, as we move towards the launch of full construction on Plaquemines LNG in 2021.
“Replicating the successful strategy we pioneered and utilising the same configuration, we will continue to execute on our commitment to provide the lowest cost LNG to the global market and supply the world's growing demand for clean and reliable energy,” he said.
Plaquemines LNG has contracted 3.5 mill tonnes per annum of the facility's 10 mill tonnes first phase under binding 20-year offtake agreements and received both US Department of Energy export authorisation and final FERC approval.
JPMorgan and Morgan Stanley served as joint lead arrangers on the transaction, and Bank of America and Mizuho participated as lenders.
Davis Polk & Wardwell and Simpson Thatcher & Bartlett served as Borrower's and Lenders' counsel, respectively.