Moody's assigns Sabine Pass notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Sabine Pass Liquefaction, LLC's issuance through five separate private placements of a total of $482 million of senior secured amortizing notes due 2037. Concurrently, the agency affirmed SPL's Baa3 rating on its about $12.7 billion of outstanding senior secured notes.

The proceeds and cash on hand are expected to repay in full all of SPL's 6.25% senior secured notes due 2022 remaining outstanding.

Upon completion of the issuances and repayment of the notes due 2022, SPL's capital structure will consist of about $1.3 billion of fully amortizing senior secured notes and $11.9 billion of non-amortizing senior secured notes. Scheduled amortization under the amortizing notes begins in late 2025. SPL's next scheduled debt maturity is $1.5 billion due April 2023.

SPL's outlook is stable.

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