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The offering had been issued in two series, including a series of 7.50 percent senior secured notes due 2033 in an aggregate principal amount of $1.25 billion, and (a series of 7.75 pe4cent senior secured notes due 2035 in an aggregate principal amount of $1.25 billion.
Venture Global said in a statement that the 2033 Notes will mature on May 1, 2033 and the 2035 notes will mature on May 1, 2035.
According to the US LNG export, Venture Global Plaquemines LNG intends to use the net proceeds from the 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 Venture Global’s unit Venture Global Gator Express.
Also, the notes are secured on a pari passu basis by a first-priority security interest in the assets that secure the existing credit facilities, Venture Global said.
Plaquemines LNG
Venture Global recently received approval from the US FERC to commission the liquefaction train system block 10 with nitrogen at its Plaquemines LNG export plant in Louisiana.
This is the first liquefaction block of the second Plaqumines LNG phase.
In February, Venture Global received approval from FERC to introduce natural gas to the ninth liquefaction block at the Plaquemines LNG terminal as part of the plant’s commissioning process.
Venture Global recently also received approval from FERC to boost the capacity of its Plaquemines LNG terminal to 27.2 mtpa.
The company made a final investment decision in May 2022 on the first phase of the Plaquemines project, which has a capacity of 13.3 mtpa, and the related pipeline.
In March 2023, the company sanctioned the second phase of the Plaquemines LNG export plant in Louisiana and also secured $7.8 billion in project financing.
The full project, including the second stage, features 36 modular units, configured in 18 blocks.
Each train has a capacity of 0.626 mtpa.
Venture Global 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 these two stages, 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.”