By Susanna Moon
Chicago, Feb. 24 – Cheniere Energy Partners, LP said wholly owned subsidiary Sabine Pass Liquefaction, LLC was set to issue $800 million principal amount of 5% senior secured notes due 2037 in a private placement.
The notes will be fully amortizing using a fixed sculpted amortization schedule and have a weighted average life of about 15.2 years, according to a company announcement. Amortization will be deferred for the first 8.6 years until 2025.
Proceeds will be used to prepay Sabine's 2015 credit facilities and to pay capital costs for the construction of trains 1 through 5 of the Sabine Pass Liquefaction Project.
The new notes will rank pari passu with all existing and future senior secured debt of Sabine, including borrowings under the 2015 credit facilities, its outstanding senior secured notes due 2021, 2022, 2023, 2024, 2025, 2026 and 2027 and its obligations under its working capital facility.
Settlement was set for Friday.
The liquid natural gas company is based in Houston.
| Issuer: | Sabine Pass Liquefaction, LLC
|
| Issue: | Senior secured notes
|
| Amount: | $800 million
|
| Maturity: | 2037
|
| Average life: | 15.2 years
|
| Coupon: | 5%
|
| Settlement date: | Feb. 24
|
| Distribution: | Private placement
|
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