Venture Global LNG $1 billion senior secured notes offering

Davis Polk advised Venture Global LNG, Inc. in connection with a Rule 144A / Regulation S offering of $1 billion aggregate principal amount of its senior secured notes, which were issued in two series: 9.500% senior secured notes due 2029 in an aggregate principal amount of $500 million and 9.875% senior secured notes due 2032 in an aggregate principal amount of $500 million. The 2029 notes and the 2032 notes offered are a reopening of the $2.5 billion 9.500% senior secured notes due 2029 and the $1.5 billion 9.875% senior secured notes due 2032, respectively, issued by Venture Global on October 24, 2023. The aggregate principal amount of issued notes represents an increase of $250 million from the initially offered amount of $750 million. The proceeds from the offering of the notes will be used by the company for general corporate purposes.

Venture Global is a long-term, low-cost provider of U.S. liquefied natural gas (LNG) sourced from resource-rich North American natural gas basins. Venture Global’s first facility, Calcasieu Pass, commenced producing LNG in January 2022. The company’s second facility, Plaquemines LNG, is under construction and expected to produce first LNG in 2024. Venture Global is developing carbon capture and sequestration (CCS) projects at each of its LNG facilities.

The Davis Polk capital markets team included partner Marcel Fausten and associates Dennis Chu, Courtney Clark and Agustin N. Lopez Roualdes. Partners Scott M. Herrig and Jeong M. Lee and counsel Jason Palios and Adela Troconis provided finance advice. Partner Michael Mollerus and associate Dov Sussman provided tax advice. All members of the Davis Polk team are based in the New York office.