Venture Global Secures $500mn Financing
US LNG developer Venture Global LNG said February 11 it had secured a $500mn term loan with a banking syndicate led by JPMorgan Chase that it will use, in part, to fund pre-FID construction activities at its Plaquemines LNG project in Louisiana.
The transaction was upsized from $400mn based on strong lender interest. The lending group also includes Morgan Stanley Senior Funding, Japan’s Mizuho Bank and Bank of America.
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“We are proud to continue to partner with this group of leading banks, all of whom are lenders to our Calcasieu Pass LNG export facility, as we move towards the launch of full construction on Plaquemines LNG in 2021,” Venture Global CEO Mike Sabel said.
Plaquemines LNG has binding 20-year offtake agreements for 3.5mn mt/yr of its phase 1 capacity of 10mn mt/yr and has secured federal regulatory approvals and export authorisations.