Cheniere Partners Announces Upsizing and Pricing of Senior Secured Notes due
2024 by Sabine Pass Liquefaction
HOUSTON, May 13, 2014
HOUSTON, May 13, 2014 /PRNewswire/ --Cheniere Energy Partners, L.P.
("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned
subsidiary, Sabine Pass Liquefaction, LLC ("Sabine Pass Liquefaction"), has
upsized and priced its previously announced offering of Senior Secured Notes
due 2024 ("SPL 2024 Notes"). The principal amount of the offering has been
increased from the initially announced $1.5 billion to $2.0 billion. The SPL
2024 Notes will bear interest at a rate of 5.75% per annum and will mature on
May 15, 2024. The SPL 2024 Notes are priced at par. The closing of the
offering is expected to occur on May 20, 2014.
Sabine Pass Liquefaction intends to use the net proceeds from the offering to
pay capital costs in connection with the construction of the first four
liquefaction trains at its facility in Cameron Parish, Louisiana, to repay
certain outstanding indebtedness under Sabine Pass Liquefaction's four credit
facilities (collectively, the "2013 Liquefaction Credit Facilities"), and to
pay fees and expenses incurred associated with the offering. The commitments
under the 2013 Liquefaction Credit Facilities will be reduced on a ratable
basis by an amount equal to the net proceeds of the notes after repayment of
such certain outstanding indebtedness. The SPL 2024 Notes are pari passu in
right of payment with all existing and future senior indebtedness of Sabine
Pass Liquefaction, including borrowings under the 2013 Liquefaction Credit
Facilities, its outstanding senior secured notes due 2021, 2022, and 2023, and
obligations under the Senior Letter of Credit and Reimbursement Agreement.
The offer of the SPL 2024 Notes has not been registered under the Securities
Act of 1933, as amended (the "Securities Act") and the SPL 2024 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, 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.
This press release contains certain statements that may include
"forward-looking statements" within the meanings of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
All statements, other than statements of historical fact, included herein are
"forward-looking statements." Included among "forward-looking statements" are,
among other things, statements regarding Cheniere Partners' business strategy,
plans and objectives, including the use of proceeds from the offering.
Although Cheniere Partners believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve assumptions, risks
and uncertainties, and these expectations may prove to be incorrect. Cheniere
Partners' actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of factors,
including those discussed in Cheniere Partners' periodic reports that are
filed with and available from the Securities and Exchange Commission. You
should not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Other than as required under
the securities laws, Cheniere Partners does not assume a duty to update these
SOURCE Cheniere Energy Partners, L.P.
Contact: Investors: Randy Bhatia: 713-375-5479, Christina Burke: 713-375-5104;
or Media: Diane Haggard: 713-375-5259
Press spacebar to pause and continue. Press esc to stop.