Venture Global closes notes issue

Thursday, 19 January 2023
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Venture Global Calcasieu Pass (VGCP) has closed an offering of $1 bill aggregate principal amount of 6.25% senior secured notes, due 2030.

The notes will mature on 15th January, 2030.

VGCP intends to use the net proceeds to (i) pre-pay certain amounts outstanding under its existing senior secured first lien credit facilities, (ii) pay hedge termination costs in connection with such prepayment and (iii) pay fees and expenses in connection with the offering.

The notes were guaranteed by TransCameron Pipeline, VGCP’s affiliate. They are secured on a pari passu basis by a first-priority security interest in the assets that secure the existing credit facilities and VGCP’s existing senior secured notes.

Meanwhile, the US Federal Energy Regulatory Commission (FERC) said it had prepared an environmental assessment (EA) for Venture Global’s Plaquemines LNG upgrade amendment project.

Plaquemines LNG had asked for authorisation to increase the peak liquefaction capacity of its existing LNG export terminal from 24 tonnes per annum to 27.2 mill tonnes under optimum conditions.

FERC concluded that approval of the proposed project, with appropriate mitigating measures, would not constitute a major federal action significantly affecting the quality of the human environment.

The US Department of Energy, Department of Transportation's Pipeline and Hazardous Materials Safety Administration, and the US Coast Guard participated as co-operating agencies in the EA’s preparation.

FERC asked for comments on or before 6th February, 2023. 

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