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Cheniere Partners prices upsized offering of USD1.5bn SPL 2027 notes.

M2 EQUITYBITES-September 21, 2016-Cheniere Partners prices upsized offering of USD1.5bn SPL 2027 notes


Natural gas company Cheniere Energy Partners (NYSE MKT:CQP) said on Tuesday that its wholly owned subsidiary, Sabine Pass Liquefaction (SPL), has priced its higher offering of USD1.5bn in senior secured notes due 2027 (the SPL 2027 notes).

The company added that the principal amount of the offering of the SPL 2027 notes has been increased from USD1.0bn.

These SPL 2027 notes will bear interest at a rate of 5.00% per annum and will mature on 15 March 2027; the SPL 2027 Notes are priced at par.

After deducting the initial purchasers' commissions, estimated fees and expenses and incremental interest during construction related to the SPL 2027 notes, the net proceeds may be used by the company to prepay all of the principal amounts currently outstanding under SPL's credit facilities and pay capital costs in connection with the construction of the first five trains of its natural gas liquefaction facility currently under construction in Cameron Parish, Louisiana.

In conjunction, the SPL 2027 notes will rank pari passu in right of payment with all its existing and future senior secured indebtedness.

Closing of offering of the SPL 2027 notes is expected to occur on 23 September 2016.

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Publication:M2 EquityBites (EQB)
Date:Sep 21, 2016
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