Tellurian in $500 million senior notes offering

US LNG firm Tellurian, the developer of the Driftwood project in Louisiana, said it has executed definitive agreements to sell $500 million principal amount of senior secured convertible notes.

The offering, subject to customary closing conditions, will bear interest at 6 percent per year, expiring May 1, 2025, and will be convertible into shares of Tellurian common stock at an initial conversion price of $5.724, according to a statement o Wednesday.

Roth Capital Partners and Citigroup served as placement agents for the offering, Tellurian said.

In March, Tellurian issued a limited notice to proceed to Bechtel to begin construction of its Driftwood LNG terminal.

Tellurian is still working to complete financing for the project and expects to start first LNG exports in 2026.

In addition, the Houston-based firm signed three 10-year LNG supply deals for the Driftwood project for a total of 9 mtpa. These include contracts with Gunvor, Vitol as well as Shell.

Phase one of the project will include two LNG plants near Lake Charles with an export capacity of up to 11 mtpa. The full project will have 27.6 mtpa liquefaction capacity.

Most Popular

Technip Energies wins contract for Eni’s Coral Norte FLNG

France-based LNG engineering giant Technip Energies has won a contract for preliminary work on Eni's second FLNG project in Mozambique, Coral Norte (Coral North).

Victrol: LNG London hits bunkering milestone

The Shell-chartered inland bunkering vessel LNG London, owned by a joint venture of Belgium's Victrol and France's Sogestran, has reached a new operational milestone.

Himalaya’s LNG-fueled bulkers earned $34,500 per day in June

LNG-powered bulker owner Himalaya Shipping achieved average time charter equivalent earnings of about $34,500 per day in June.

More News Like This

Woodside, Stonepeak wrap up Louisiana LNG stake sale

Australian LNG player Woodside has completed the previously announced sell-down of a 40 percent stake in its Louisiana LNG project to US private equity firm Stonepeak.

Woodside’s Louisiana LNG gets FERC extension

Woodside has secured an additional eight-month extension from the US FERC to complete and put into service its Louisiana LNG export facility.

Woodside’s Louisiana LNG seeks FERC extension

Woodside is seeking an additional eight-month extension from the US FERC to complete and put into service its Louisiana LNG export facility.

Aramco plans to join Woodside’s Louisiana LNG project

Saudi Arabia’s energy behemoth Aramco plans to take a stake in Woodside's Louisiana LNG export project.