Sabine Pass Liquefaction LLC, a subsidiary of Cheniere Energy Partners LP (NYSE: CQP), intends to offer $1 billion senior secured notes due 2025, the company said in a Feb. 26 release.
Proceeds will be used to pay capital costs for the construction of the first four liquefaction trains at Sabine Pass' facility in Cameron Parish, La., and to pay fees and expenses associated with the offering.
In connection with the offering, Sabine Pass will reduce commitments on a ratable basis under its four credit facilities totaling about $2.7 billion—collectively the 2013 liquefaction credit facilities.
The notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of Sabine Pass, including borrowings under the 2013 liquefaction credit facilities, its outstanding notes due 2021, notes due 2022, notes due 2023 and notes due 2024 and its obligations under the senior letter of credit and reimbursement agreement.
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