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Cheniere Energy unit Sabine gets tenders for 97% of 7¼% notes so far
By Susanna Moon
Chicago, Oct. 16 - Cheniere Energy Partners, LP said its wholly owned subsidiary Sabine Pass LNG, LP received tenders for $533.6 million, or about 97%, of its $550 million outstanding 7¼% senior secured notes due 2013 by the early tender deadline of 5 p.m. ET on Oct. 15.
Sabine also plans to redeem any remaining outstanding notes at the make-whole redemption price, according to a company press release.
As noted before, the total purchase price is $1,073.55 for each $1,000 principal amount of tendered by the early date, which includes a $30.00 early tender premium.
Those who tender after the early deadline will receive the base payment of $1,043.55 per $1,000 of notes.
The company said it will also pay accrued interest up to the settlement date, which will be Oct. 16 for early tendered notes and promptly after the offer ends for the remaining tenders.
Holders may continue to tender notes until midnight ET on Oct. 29. The offer began on Oct. 1. Tendered notes may no longer be withdrawn.
After settlement of the early tendered notes, about $16.4 million of the notes will remain outstanding.
The tender offer is not conditioned upon any minimum amount of notes being tendered but is subject to the completion of a new financing - $400 million of eight-year senior secured notes - to fund it. The company said it will also use proceeds from a recent common units offering to pay for notes purchased in the tender offer.
Credit Suisse Securities (USA) LLC (212 325-2476 collect or 800 820-1653) is the dealer manager for the tender offer. Global Bondholder Services Corp. (866 470-4300) is the information agent.
Cheniere owns 100% of the Sabine Pass LNG terminal located on the Sabine Pass Channel in western Cameron Parish, La. The energy company is based in Houston.
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