Cheniere Energy Partners announced today that its wholly owned subsidiary, Sabine Pass LNG (SPLNG), has commenced a cash tender offer for any and all of its $550 million outstanding 7.25% Senior Secured Notes due 2013.
The terms and conditions of the tender offer are described in an Offer to Purchase dated October 1, 2012, and in a related Letter of Transmittal, which are being sent to holders of the Notes.
SPLNG’s obligation to purchase Notes pursuant to the tender offer is conditioned upon the completion by SPLNG of a new financing on terms and conditions satisfactory to SPLNG, the net proceeds of which will be used to fund a portion of the aggregate Total Consideration for all of the currently outstanding Notes.
Net proceeds received from Cheniere Partners of approximately $194 million from Cheniere Partners’ recently completed common units offering are expected to be used for the remaining portion of the aggregate Total Consideration.
The table below sets forth information on the Notes and the tender offer:
[mappress] LNG World News Staff, October 01, 2012