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.

- Advertisements -

Most Popular

US weekly LNG exports down to 22 shipments

US liquefied natural gas (LNG) exports decreased in the week ending April 10 compared to the week before, according...

Deutsche ReGas gets operating permit for Mukran FSRU terminal

German LNG terminal operator Deutsche ReGas has received an operating permit for its FSRU-based LNG import facility in Germany’s...

Pilot, Seapath file permit applications for Galveston LNG bunkering facility

Pilot LNG and Libra Group’s maritime unit Seapath filed applications with the United States Army Corps of Engineers seeking...

More News Like This

Tellurian explores sale options, makes leadership changes

US LNG firm Tellurian, the developer of the Driftwood LNG export project in Louisiana, has made new changes to...

Tellurian expects to take FID on two Driftwood LNG plants in 2024

US LNG firm Tellurian said on Monday it expects to take a final investment decision in 2024 to build...

Tellurian reports $166.2 million net loss in 2023

US LNG firm Tellurian reported a net loss of $166.2 million in 2023, as it continues to work on...

Tellurian amends debt terms to support sale of its upstream assets

US LNG firm Tellurian, the developer of the Driftwood LNG project in Louisiana, said it had signed a deal...