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Cheniere Energy begins tender offer on up to $1 billion 5¼% notes
By Taylor Fox
New York, Feb. 25 – Cheniere Energy Partners, LP began a cash tender offer to purchase up to $1 billion of its $1.5 billion outstanding 5¼% notes due 2025 (Cusip: 1611QAB7), according to a news release.
Cheniere is also soliciting consents from holders of the notes to amend some provisions of the indenture governing the notes to reduce the minimum notice period to redeem the notes.
The offer and consent solicitation will expire at 12:01 a.m. ET March 24.
Holders who tender notes prior to 5 p.m. ET March 10, the early tender date, will receive the total consideration of $1,027.27 per $1,000 of notes tendered, which includes a $50 early tender premium.
Holders who tender notes after the early tender date but before the expiration time will receive $977.27 per $1,000 of notes tendered plus interest.
The company will also pay in each case accrued interest to but excluding the applicable settlement date.
The early settlement date is expected to be March 12, and the final settlement date is expected for March 25.
If the amount of notes tendered exceeds the tender cap, notes will be accepted on a pro rata basis at a proration factor to be determined.
The tender offer is conditioned on the company raising a minimum of $1 billion of proceeds from one or more debt financings by the end of the tender offer.
The tender offer is not, however, conditioned on any minimum amount of notes being tendered or receipt of required consents to adopt the proposed amendments.
Tendered notes may with withdrawn and consents delivered may be revoked prior to the early tender deadline.
J.P. Morgan Securities LLC (212 834-2045, 866 834-4666) is the dealer manager and solicitation agent, and Ipreo LLC (212 849-3880, 888 593-9546; ipeo-tenderoffer@ihsmarkit.com) is the tender and information agent.
Cheniere is a Houston-based LNG company.
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