Houston-based LNG player Cheniere said that it has entered into a note purchase agreement with EIG Management Company.
The companies finalized the definitive documentation for the previously announced financing under which investment funds managed by EIG will purchase $1.5 billion of convertible notes.
Proceeds from the financing will be used as equity to fund a portion of the costs of developing, constructing and placing into service the Corpus Christi Liquefaction Project, which is being designed for up to three liquefaction trains with an expected aggregate annual production capacity of approximately 13.5 mtpa. The financing is scheduled to close once Cheniere reaches a positive final investment decision on the liquefaction project, expected in the first half of 2015.
All financing commitments have been obtained for the liquefaction project, including a portion of the proceeds from $1 billion of convertible notes issued by Cheniere Energy in November 2014 and the recently revealed approximately $11.5 billion of debt commitments received from several financial institutions in December 2014.
Press Release; Image: Cheniere