Tellurian withdraws $1 billion secured notes/warrants deal, cites market conditions

By Paul A. Harris

Portland, Ore., Sept. 19 – Tellurian Inc. cited uncertain market conditions as it withdrew a $1 billion notes and warrants project financing deal from the market on Monday, according to a company press release.

Late last week the units, which included an 11¼% senior secured note talked at 95.5, with attached warrants for the company’s common stock, underwent credit-enhancing covenant changes, according to a market source.

Tellurian, a Houston-based energy company with a portfolio of natural gas production, LNG marketing and trading, and infrastructure, was in the high-yield bond market in order to raise cash to support the construction of the Driftwood project, an LNG production and export terminal on the west bank of the Calcasieu River, south of Lake Charles, La.

B. Riley Securities, Inc. was the sole bookrunner.

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