Major US LNG project developer, Venture Global’s subsidiary, Venture Global Plaquemines LNG (VGPL) has closed an offering of $2.5 bill aggregate principal amount of senior secured notes.
They were issued in two series: (i) a series of 7.50% senior secured notes, due 2033 in an aggregate principal amount of $1.25 bill and (ii) a series of 7.75% senior secured notes, due 2035 also in an aggregate principal amount of $1.25 bill.
The 2033 notes will mature on 1st May, 2033 and the 2035 notes on 1st May, 2035.
VGPL intends to use the net proceeds from the offering to (i) prepay certain amounts outstanding under its existing senior secured first lien credit facilities and (ii) pay fees and expenses in connection with the offering.
The notes are guaranteed by Venture Global Gator Express, (VGPL’s affiliate).
US law firm Latham & Watkins advised Venture Global on securing the notes.
