Venture Global driving by with $750 million secured notes in two-part add-on deal

By Paul A. Harris

Portland, Ore., Nov. 6 – Venture Global LNG Inc. is driving by with a $750 million two-part offering of senior secured notes (B1/BB/BB) on Monday, according to market sources.

The Rule 144A and Regulation S deal is coming in the form of add-ons to a pair of recent issues.

The offering includes taps of the 9½% bullet notes due Feb. 1, 2029 and the 9 7/8% notes due 2032.

Initial guidance on both tranches is 100.5 to 101.

Tranche sizes remain to be determined.

The 2029 notes feature a make-whole call at Treasuries plus 50 basis points until Nov. 1, 2028, at which point they become callable at par. They are otherwise non-callable. The 2032 notes become subject to an initial call on Feb. 1, 2027 at 104.938.

J.P. Morgan Securities LLC is the lead.

The Arlington, Va.-based LNG producer plans to use the proceeds for general corporate purposes.

The original $2.5 billion 9½% notes due 2029 and the $1.5 billion 9 7/8% notes due 2032 priced on Oct. 19, 2023.

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