Cheniere’s CCH plans $1 bln senior secured notes offering
Hoston-based LNG export player, Cheniere informed its unit, Cheniere Corpus Christi Holdings plans to offer $1 billion of senior secured notes due 2025.
Cheniere Corpus Christi Holdings intends to use the net proceeds from the offering to prepay a portion of the principal amounts currently outstanding under CCH’s credit facilities.
The CCH 2025 notes will be secured by a first priority security interest in substantially all of the assets of Cheniere Corpus Christi Holdings and its subsidiaries and by a pledge of all of the equity interests in CCH, Cheniere noted in the statement.
The notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of CCH, including borrowings under the CCH credit facilities and its outstanding senior secured notes due 2024, it added.
Cheniere is currently developing two LNG export projects on the U.S. Gulf Coast, namely the Sabine Pass and the Corpus Christi project.
The Sabine Pass liquefaction plant, first of its kind to ship U.S. shale gas overseas, started exporting the chilled fuel in February this year.