Venture Global LNG inaugural $3 billion perpetual preferred stock offering

Davis Polk advised Venture Global LNG, Inc. in connection with a Rule 144A / Regulation S offering of 3 million shares of its 9.00% Series A fixed-rate reset cumulative redeemable perpetual preferred stock, with a $1,000 liquidation preference per share, resulting in $3 billion of aggregate gross proceeds.

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 its first LNG in 2024. The company is currently constructing and developing over 70 million tonnes per annum (MTPA) of nameplate production capacity to provide clean, affordable energy to the world. 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, counsel Joze Vranicar and associates Agustin N. Lopez Roualdes, Matthew L. Hulse and Andrew Masaru Orita. Partner Michael Mollerus, counsel Yixuan Long and associates Yueyu Yang and Georgianna Eck provided tax advice. All members of the Davis Polk team are based in the New York office.