Cheniere subsidiary offers senior secured notes

Cheniere Energy Partners LP

Cheniere Energy Partners LP (NYSE MKT: CQP) reports that its wholly owned subsidiary, Sabine Pass Liquefaction LLC, intends to offer, subject to market and other conditions, $1.5 billion principal amount of senior secured notes due 2024 (SPL 2024 Notes).

Sabine Pass Liquefaction intends to use the net proceeds from the offering to pay capital costs in connection with the construction of the first four liquefaction trains at its facility in Cameron Parish, Louisiana, to repay certain outstanding indebtedness under Sabine Pass Liquefaction's four credit facilities totaling $5.0 billion (collectively, the 2013 Liquefaction Credit Facilities), and to pay fees and expenses incurred associated with the offering.

The net proceeds will be used to reduce commitments on a ratable basis under the 2013 Liquefaction Credit Facilities. The SPL 2024 Notes are pari passu in right of payment with all existing and future senior indebtedness of Sabine Pass Liquefaction, including borrowings under the 2013 Liquefaction Credit Facilities, its outstanding senior secured notes due 2021, 2022, and 2023, and obligations under the senior letter of credit and reimbursement agreement.

 

 

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