Latest news with #ExistingCreditFacilities
Business Wire
03-07-2025
- Business
- Business Wire
Venture Global Announces Closing of $4,000,000,000 Senior Secured Notes by Venture Global Plaquemines LNG, LLC
ARLINGTON, Va.--(BUSINESS WIRE)--Venture Global, Inc. ('Venture Global', NYSE:VG) announced today that its subsidiary, Venture Global Plaquemines LNG, LLC ('VGPL') has closed an offering of $4,000,000,000 aggregate principal amount of senior secured notes, which has been issued in two series: (i) a series of 6.50% senior secured notes due 2034 in an aggregate principal amount of $2,000,000,000 (the '2034 Notes') and (ii) a series of 6.75% senior secured notes due 2036 in an aggregate principal amount of $2,000,000,000 (the '2036 Notes' and, together with the 2034 Notes, the 'Notes'). The 2034 Notes will mature on January 15, 2034 and the 2036 Notes will mature on January 15, 2036. Venture Global announced today that its subsidiary, VG Plaquemines LNG (VGPL) has closed an offering of $4B aggregate principal amount of senior secured notes, bringing the combined aggregate amount of senior secured notes issued by VGPL to $6.5B. Venture Global had previously announced the issuance of $2,500,000,000 of senior secured notes by VGPL on April 21, 2025 (the 'Existing Notes'), bringing the combined aggregate amount of senior secured notes issued by VGPL to $6,500,000,000 since the project began producing LNG in December 2024. VGPL intends to use the net proceeds from the offering to (i) prepay certain amounts outstanding under VGPL's existing senior secured first lien credit facilities (the 'Existing Credit Facilities') and (ii) pay fees and expenses in connection with the offering. The notes are guaranteed by Venture Global Gator Express, LLC (VGPL's affiliate). The Notes are secured on a pari passu basis by a first-priority security interest in the assets that secure the Existing Credit Facilities and the Existing Notes. The Notes were not registered under the Securities Act of 1933, as amended (the 'Securities Act') or the securities laws of any state or other jurisdictions, and the Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About Venture Global Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022 and achieved commercial operations in April 2025. The company's second facility, Plaquemines LNG, achieved first production of LNG in December 2024. The company is currently constructing and developing over 100 MTPA of nameplate production capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities. Forward-Looking Statements This press release contains certain statements that may include 'forward-looking statements.' All statements, other than statements of historical or present facts or conditions, included herein are 'forward-looking statements.' Included among 'forward-looking statements' are, among other things, statements regarding Venture Global's business strategy, plans and objectives, including the use of proceeds from the offering. Venture Global believes that the expectations reflected in these 'forward-looking statements' are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond Venture Global's control. In addition, assumptions may prove to be inaccurate. Actual results may differ materially from those anticipated or implied in 'forward-looking statements' as a result of a variety of factors. These 'forward-looking statements' speak only as of the date made, and other than as required by law, Venture Global undertakes no obligation to update or revise any 'forward-looking statement' or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.
Business Wire
26-06-2025
- Business
- Business Wire
Penguin Solutions Strengthens Balance Sheet with Refinancing
MILPITAS, Calif.--(BUSINESS WIRE)-- Penguin Solutions, Inc. ('Penguin Solutions' or the 'Company') (Nasdaq: PENG) today announced that it has completed a refinancing of its credit facilities via a $400 million Revolving Credit Facility, which includes a $35 million letter of credit subfacility (collectively, the 'Credit Facilities'). 'This refinancing represents a significant financial milestone for the Company,' said Nate Olmstead, chief financial officer. 'As part of the transaction, the Company has meaningfully reduced leverage while also extending our overall debt maturity. This new financing provides future flexibility for the Company's capital needs and reduces debt service costs due to the lower funded debt following this transaction.' The transaction refinances and replaces the $300 million Term Loan A Facility due 2027 and the $250 million Revolving Credit Facility due 2027 (collectively, the 'Existing Credit Facilities'). The Existing Credit Facilities were repaid and terminated in connection with the transaction. The Credit Facilities closed on June 24, 2025, and the Company borrowed $100 million under the new Revolving Credit Facility. The Company repaid in full the $300 million outstanding under the Existing Credit Facilities with a mix of the $100 million in borrowings under the Credit Facilities and $200 million in available cash, reducing the Company's funded debt by $200 million. The Credit Facilities mature in 2030. Interest on the Credit Facilities will be based on a Total Net Leverage grid, with the initial interest rate being the Secured Overnight Financing Rate ('SOFR') plus 1.75%. JPMorgan Chase Bank, N.A. led the transaction with BofA Securities, Inc., Citizens Bank, N.A., PNC Bank, National Association, and Santander Bank, N.A. acting as joint lead arrangers and Fifth Third Bank, National Association, and Goldman Sachs Bank USA acting as co-documentation agents. Additional information about this transaction can be found in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission. Use of Forward-Looking Statements This press release contains 'forward-looking statements,' which are based on current expectations and preliminary assumptions that are subject to factors and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside the Company's control, including, among others: the Company's liquidity position, the Company's ability to draw on the Credit Facilities, the Company's compliance with the terms and conditions of the Credit Facilities (including the covenants contained therein), fluctuations in the SOFR, the aggregate overall level of indebtedness that the Company incurs, global business and economic conditions, and other factors and risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, which include the Company's most recent reports on Form 10-K and Form 10-Q. Such factors and risks as outlined above and in such filings do not constitute all factors and risks that could cause actual results of Penguin Solutions to be materially different from our forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we do not undertake to update the forward-looking statements contained in this press release to reflect the impact of circumstances or events that may arise after the date that the forward-looking statements were made. About Penguin Solutions The most exciting technological advancements are also the most challenging for companies to adopt. At Penguin Solutions, we support our customers in achieving their ambitions across our Advanced Computing, Integrated Memory, and Optimized LED business segments. With our expert skills, experience, and partnerships, we turn our customers' most complex challenges into compelling opportunities. For more information, visit
