Venture Global closes on $2.5bn in notes
US LNG developer Venture Global said August 5 that it closed on its July offering of $2.5bn in senior secured notes.
Venture closed on secured notes issued over two series: one for $1.25bn in 3.875% secured notes due 2029 and another for $1.25bn in 4.125% notes due 2031. This marks an increase from Venture's previous overall amount offered of $1.5bn.
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Venture said it intends to use the proceeds from the offering to pay off existing credit facilities.
The company is developing the 10mn metric ton/year Calcasieu Pass and Plaquemines LNG terminals in Louisiana. Calcasieu Pass LNG is under construction and due online in 2022, while Plaquemines LNG is still pending a final investment decision.
Polish gas company PGNiG earlier this week agreed to buy an extra 2mn mt/yr from Venture's two terminals, bolstering their commercial case.