By Abigail W. Adams
Portland, Me., May 24 – Venture Global LNG Inc. priced a $250 million tap of its recently priced 8 1/8% senior secured notes due 2028 and a $250 million tap of its 8 3/8% senior secured notes due 2031, both at par in a Wednesday drive-by, according to a market source.
Pricing came on top of talk for a reoffer price of par.
J.P. Morgan Securities LLC led the Rule 144A and Regulation S offering (B1/BB/BB-).
The add-on is fully fungible with the existing notes.
Venture Global priced an upsized $4 billion, from $3.5 billion, issue of the 8 1/8% senior secured notes due 2028 and 8 3/8% senior secured notes due 2031 at par on May 19.
The add-on raises each tranche size to $2.25 billion.
Proceeds will be used to prepay outstanding borrowings under the company’s 2025 term loan and for general corporate purposes.
Venture Global is an Arlington, Va.-based LNG producer and exporter.
| Issuer: | Venture Global LNG Inc.
|
| Amount: | $500 million
|
| Issue: | Senior secured notes add-on
|
| Lead bookrunner: | J.P. Morgan Securities LLC
|
| Trade date: | May 24
|
| Ratings: | Moody’s: B1
|
| S&P: BB
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Drive-by
|
|
|
| 2028 notes
|
| Amount: | $250 million
|
| Maturity: | June 1, 2028
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| First call: | Two years
|
| Price talk: | Par
|
| Original issue: | $2 billion priced on May 19
|
|
|
| 2031 notes
|
| Amount: | $250 million
|
| Maturity: | June 1, 2031
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| First call: | Three years
|
| Price talk: | Par
|
| Original issue: | $2 billion priced on May 19
|
|
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