US LNG plant developer, Venture Global has closed an inaugural offering of 3,000,000 shares of 9% Series A fixed-rate reset cumulative redeemable perpetual preferred stock, with a $1,000 liquidation preference per share.
The company said it had received aggregate gross proceeds of $3 bill.
The shares do not have a maturity date and may only be redeemed by Venture Global after 30th September, 2029 or in certain limited circumstances beforehand.
They are not convertible into nor exchangeable for any other securities of Venture Global and rank senior to its existing common stock, and junior to to its indebtedness.
Venture Global said that it intended to use the net proceeds from the offering for general corporate purposes.
