Venture Global LNG, Inc. has announced that it has closed a US$500 million term loan with JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc, Mizuho Bank, Ltd, and Bank of America N.A. The proceeds will be used to fund pre-FID construction activities at the company’s Plaquemines LNG export project as well as for general corporate purposes. The transaction was upsized from US$400 million to US$500 million based on strong lender interest.
CEO Mike Sabel stated, “We are proud to continue to partner with this group of leading banks, all of whom are lenders to our Calcasieu Pass LNG export facility, as we move towards the launch of full construction on Plaquemines LNG in 2021. Replicating the successful strategy we pioneered and utilizing the same configuration, we will continue to execute on our commitment to provide the lowest cost LNG to the global market and supply the world’s growing demand for clean and reliable energy.”
Venture Global’s Plaquemines LNG project has contracted 3.5 million tpy of the facility’s 10 million tpy first phase under binding 20-year offtake agreements and received both DOE export authorisation and final FERC approval.
JPMorgan and Morgan Stanley served as joint lead arrangers on the transaction, and Bank of America and Mizuho participated as lenders. Davis Polk & Wardwell LLP and Simpson Thatcher & Bartlett LLP served as Borrower’s and Lenders’ counsel, respectively.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/12022021/venture-global-lng-closes-loan-with-global-banks/