Venture Global LNG wraps up $1 billion senior notes offering

US LNG exporter Venture Global LNG has closed its $1 billion offering of senior secured notes.

The offering included a series of 9.5 percent senior secured notes due February 1, 2029 in an amount of $500 million and a series of 9.875 percent senior secured notes due February 1, 2032 in an amount of $500 million, according to Venture Global.

The firm said that the 2029 notes offered are a reopening of the $2.5 billion 9.5 percent senior secured notes due 2029 and the 2032 notes offered are a reopening of the $1.5 billion 9.875 percent senior secured notes due 2032 issued by the company on October 24.

Venture Global said the notes were not registered under the Securities Act of 1933, or the securities laws of any state or other jurisdictions, and the notes may not be offered or sold in the US.

This offering takes Venture Global’s total year-to-date high yield debt raised to $9.5 billion,
which marks the “largest US dollar high yield issuance by volume in a single year since
2015,” it said.

In May, Venture Global closed its $4.5 billion inaugural offering of senior secured notes.

LNG projects

The LNG exporter recently won approval to increase the peak workforce at the site of its Plaquemines LNG export plant in Louisiana.

Earlier this year, the firm sanctioned the second phase of the Plaquemines LNG export plant in Louisiana.

The full project, including the second stage, will have a capacity of 20 mtpa coming from 36 modular units, configured in 18 blocks.

Together, phase one and phase two represent about $21 billion of investment.

Once online, this will be Venture Global’s second LNG plant after the Calcasieu Pass plant in Louisiana.

Calcasieu Pass produced its first LNG on January 19, 2022, moving from FID to LNG production in 29 months, and the first commissioning cargo left the facility on March 1.

However, Venture Global has still not declared commercial operations at the facility and it recently won approval from the US FERC to put in service liquefaction blocks 7-9.

All blocks of two liquefaction units each will now be in service at the facility.

The regulator also authorized the modified commissioning plan to place phase 3 facilities in service.

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