Venture Global LNG closed an offering of $2.25 billion in senior secured notes. The offering consists of $1.125 billion in 6.375% notes due 2034 and $1.125 billion in 6.625% notes due 2036. Proceeds were used to redeem all outstanding 8.125% senior secured notes due 2028. The new notes were issued at par and are secured on a first-priority basis by the same collateral as the issuer's existing credit facility. They are not currently guaranteed by subsidiaries, but future guarantees may be required depending on debt levels unless the notes achieve an investment-grade rating.
Venture Global, Inc.Refinanced high-cost 8.125% notes with lower-coupon 6.375%/6.625% notes, reducing interest expense.