Country for PR: United States
Contributor: PR Newswire New York
Friday, December 07 2018 - 12:36
AsiaNet
Venture Global LNG Secures $220 Million in New Capital with Credit Facility from Morgan Stanley Senior Funding, Inc.
ARLINGTON, Va., Dec. 7, 2018 /PRNewswire-AsiaNet/ --

Venture Global LNG, Inc. announces that it has entered into a $220 million 
bridge loan facility with Morgan Stanley Senior Funding, Inc. and associated 
lenders. Subject to the satisfaction of customary conditions precedent, the 
loan proceeds will be available immediately in full and will be used to 
finalize engineering work and commence site construction activity for the 
company's 10 million tonnes per annum (MTPA) Calcasieu Pass LNG export project 
upon receipt of regulatory approvals and prior to a formal FID. 

Co-CEOs Mike Sabel and Bob Pender jointly stated, "From the beginning, Morgan 
Stanley recognized our innovative strategy and exacting execution, and they 
have been a highly valued long-term partner to our team. This $220 million, 
along with the $635 million of equity capital we have raised to date, allows us 
to finalize advanced engineering, purchase equipment, and commence construction 
activities at our Calcasieu Pass facility in the near term, reducing schedule 
risk for our offtake customers." 

The 10 MTPA Calcasieu Pass facility will employ a comprehensive process 
solution from GE Oil & Gas, LLC, part of Baker Hughes, a GE company (BHGE) and 
will utilize mid-scale, modular, factory-fabricated liquefaction trains. 
Calcasieu Pass LNG's selected EPC contractor, Kiewit, will commence 
construction of the facility following the receipt of all required regulatory 
approvals, including the Final Order from the U.S. Federal Energy Regulatory 
Commission (FERC), which is currently scheduled to be issued no later than 
January 22, 2019. The project has executed binding 20-year offtake agreements 
with world-class partners including Shell, BP, Edison S.p.A., Galp, Repsol and 
PGNiG.

The company is also developing the 20 MTPA Plaquemines LNG export facility in 
Plaquemines Parish, Louisiana, which has executed its first binding 20-year 
offtake agreement with PGNiG. Venture Global LNG expects to take formal final 
investment decisions (FID) on both its Calcasieu Pass and Plaquemines LNG 
projects in 2019. 

About Venture Global LNG

Venture Global LNG is a long-term, low-cost provider of LNG to be supplied from 
resource rich North American natural gas basins. Venture Global LNG's 
liquefaction process system will employ a highly efficient and reliable suite 
of products supplied by BHGE. Venture Global LNG is developing both the 10 MTPA 
Venture Global Calcasieu Pass facility (on an approximately 1,000-acre site 
located at the intersection of the Calcasieu Ship Channel and the Gulf of 
Mexico) and the 20 MTPA Venture Global Plaquemines LNG facility (on an 
approximately 630-acre site in Plaquemines Parish, Louisiana, 30 miles south of 
New Orleans on the Mississippi River). Venture Global has raised $855 million 
of capital to-date to support the development of its projects.  More can be 
found at www.venturegloballng.com.

SOURCE  Venture Global LNG, Inc.

CONTACT: Venture Global investor contact: Leah Woodward, D: +1 202 759-6746, 
lwoodward@vglng.com; Venture Global media contact: Jessica Wickett, D: +1 202 
759-6739, jwickett@vglng.com 

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