Venture Global LNG, Inc. ("Venture Global") announced today that it has closed its inaugural offering of $4,500 million aggregate principal amount of senior secured notes which have been issued in two series: (i) a series of 8.125% senior secured notes due 2028 in an aggregate principal amount of $2,250 million (the "2028 Notes") and (ii) a series of 8.375% senior secured notes due 2031 in an aggregate principal amount of $2,250 million (the "2031 Notes" and, together with the 2028 Notes, the "Notes"). The 2028 Notes will mature on June 1, 2028 and the 2031 Notes will mature on June 1, 2031. The Notes were issued at par. The aggregate principal amount of issued Notes represents an increase of $1,000 million from the initially offered amount of $3,500 million.
Venture Global intends to use the net proceeds from the offering (i) to prepay, in full, its existing senior secured first lien credit facilities, (ii) to pay fees and expenses in connection with the offering, and (iii) for general corporate purposes. The Notes are secured on a pari passu basis by a first-priority security interest in substantially all of the existing and future assets of Venture Global and the future guarantors, if any, subject to customary exclusions.
The Notes were not registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state or other jurisdictions, and the Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Venture Global
Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022. The company is also constructing or developing an additional 60 MTPA of production capacity in Louisiana to provide clean, affordable energy to the world. The company is developing Carbon Capture and Sequestration (CCS) projects at each of its LNG facilities.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward- looking statements" are, among other things, statements regarding Venture Global's business strategy, plans and objectives, including the use of proceeds from the offering. Venture Global believes that the expectations reflected in these "forward-looking statements" are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond Venture Global's control. In addition, assumptions may prove to be inaccurate. Actual results may differ materially from those anticipated or implied in "forward-looking statements" as a result of a variety of factors. These "forward-looking statements" speak only as of the date made, and other than as required by law, Venture Global undertakes no obligation to update or revise any "forward-looking statement" or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.
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