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Venture Global Calcasieu Pass to sell $1 billion seven-year secured notes in Tuesday drive-by
By Paul A. Harris
Portland, Ore., Jan. 10 – Venture Global Calcasieu Pass LLC plans to price $1 billion of senior bullet notes due January 2030 (expected ratings B2/BB+) in a Tuesday drive-by trailing a conference call with investors, according to market sources.
The deal size will not grow.
Initial guidance has the notes coming to yield in the 6 5/8% area, a trader said.
The offering was playing to reverse inquiry amounting to 1.5-times the deal size, the source added.
Lead left bookrunner RBC Capital Markets LLC will bill and deliver. BofA Securities Inc. and Mizuho Securities USA Inc. are joint active bookrunners.
BBVA Securities Inc., CIT Capital Securities LLC, Credit Agricole CIB, DZ Financial Markets LLC, Goldman Sachs & Co. LLC, ICBC Standard Bank plc, ING Financial Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Natixis Securities Americas LLC, Nomura Securities International Inc., Raymond James & Associates, Santander Investment Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities Americas Inc., Truist Securities Inc., Academy Securities Inc., Loop Capital Markets LLC and R. Seelaus & Co. Inc. are the joint bookrunners.
The Rule 144A and Regulation S for life seven-year notes feature a par call three months prior to maturity but are otherwise non-callable.
The Arlington, Va.-based LNG producer and exporter plans to use the proceeds to prepay certain amounts outstanding under its credit facilities and to pay certain hedge termination costs in connection with the prepayment of the term loans.
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