Cheniere Energy Partners L.P.’s wholly owned subsidiary, Sabine Pass Liquefaction LLC, has announced its intention to offer US$1 billion principal amount of Senior Secured Notes due 2025, subject to market and other conditions.
Sabine Pass Liquefaction intends to use the net proceeds from the offering to pay capital costs in connection with the construction of the first four liquefaction trains at its LNG facility in Cameron Parish, Louisiana, US. The proceed will also be used to pay fees and expenses associated with the offering.
In connection with the offering, Sabine Pass Liquefaction will reduce commitments on a ratable basis under its four credit facilities totalling approximately US$2.7 billion. The SPL 2025 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of Sabine Pass Liquefaction, including borrowings under the 2013 Liquefaction Credit Facilities, its outstanding senior secured notes due 2021, senior secured notes due 2022, senior secured notes due 2023, and senior secured notes due 2024 and its obligations under the senior letter of credit and reimbursement agreement.
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/26022015/sabine-pass-liquefaction-to-offer-senior-secured-notes-327/