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Woodside to raise $2 billion via US bonds

By LNG Prime Staff
Woodside to raise $2 billion via US bonds
For illustration only (Image: Woodside)

Australian LNG player Woodside, which is buying US LNG firm Tellurian, has priced $2 billion of senior unsecured bonds in the US market.

Woodside said in a statement the bonds will be issued by its unit Woodside Finance under the registration statement which was filed with the US Securities and Exchange Commission in February this year.

Also, the bond offering consists of $1.25 billion of 10-year bonds with a coupon of 5.1 percent and $0.75 billion of 30-year bonds with a coupon of 5.7 percent.

According to Woodside, the firm will use the funds for general corporate purposes.

Woodside expects settlement of the bonds to take place on September 12, 2024, subject to customary closing conditions.

Woodside announced on July 22 it has entered into a definitive deal to buy Tellurian, developer of the Driftwood LNG export project in Louisiana.

The company said the consideration for the transaction is an all-cash payment of about $900 million, or $1.00 per share of outstanding Tellurian common stock, while the implied enterprise value is about $1.2 billion.

Woodisde expects to complete the transaction in the fourth quarter of 2024.

Under the first phase, Tellurian plans to build two LNG plants near Lake Charles with an export capacity of up to 11 mtpa.

The full project would include five plants with a total capacity of about 27.6 mtpa.

Woodside CEO Meg O’Neill recently said the company sees big interest from firms to sell equity in Tellurian’s Driftwood LNG export project.

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