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According to Venture Global, the offering included a series of 6.50 percent senior secured notes due 2034 in an aggregate principal amount of $ billion and a series of 6.75 percent senior secured notes due 2036 in an aggregate principal amount of $2 billion
The 2034 notes will mature on January 15, 2034 and the 2036 notes will mature on January 15, 2036.
In April, Venture Global’s VGPL closed its $2.5 billion offering of senior secured notes, bringing the combined aggregate amount of senior secured notes issued by VGPL to $6.5 billion since the project began producing LNG in December 2024.
VGPL intends to use the net proceeds from the new offering to prepay certain amounts outstanding under VGPL’s existing senior secured first lien credit facilities and pay fees and expenses in connection with the offering.
The notes are guaranteed by VGPL’s affiliate Venture Global Gator Express.
Venture Global said the Notes are secured on a pari passu basis by a first-priority security interest in the assets that secure the existing credit facilities and the existing notes.
27.2 mtpa
Venture Global took a final investment decision on the first phase of the Plaquemines project with a capacity of 13.3 mtpa and the related pipeline in May 2022, while the company sanctioned the second phase in March 2023.
The full project, including the second stage, features 36 modular units, configured in 18 blocks. Each train has a capacity of 0.626 mtpa.
Earlier this year, Venture Global also received approval from FERC to boost the capacity of its Plaquemines LNG terminal to 27.2 mtpa.
In December 2024, Venture Global shipped the first Plaquemines LNG cargo. The facility exported 29 LNG cargoes during the first quarter of this year.
The company is targeting a COD (commercial operations date) for the Plaquemines project in the fourth quarter of 2026 for Phase 1 and in mid-2027 for Phase 2.
In addition to the first two phases, Venture Global has begun the pre-filing process at FERC for a brownfield expansion of its Plaquemines LNG terminal.
The project will be comprised of 24 LNG trains and certain related infrastructure expected to produce “at least 18.6 mtpa.”