News Post
Cheniere, EIG Finalize $1.5B Equity Investment for Corpus Christi Project
Cheniere Energy, Inc. has entered into a note purchase agreement with EIG Management Company, LLC finalizing the definitive documentation for the previously announced financing under which investment funds managed by EIG will purchase $1.5 billion of convertible notes (the "Financing").
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 (the "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, Inc. in November 2014 and the recently announced approximately $11.5 billion of debt commitments received from several financial institutions in December 2014.
Commencement of construction of the Liquefaction Project is subject to, but not limited to, receiving regulatory approvals, entering into long-term customer contracts sufficient to underpin financing of the Liquefaction Project, finalizing financing, and Cheniere making a final investment decision. Construction is expected to commence in the first half of 2015.
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