Narrative
Full Description
Project narrative
On August 31, 2022, financial close was reached on a deal in which a syndicate of nine banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $500.00 million USD syndicated senior secured term loan facility agreement with Venture Global LNG, LLC — a Delaware-incorporated privately-held American LNG provider based in Arlington, Virginia — for refinancing and general corporate purposes. This loan carried a maturity period of three years, a final maturity date of August 31, 2025, and an interest rate based on either adjusted term SOFR or a base rate plus a margin of around 500 basis points (bps). The loan was secured (i.e. collateralized). The proceeds were used by the borrower to prepay its $500 million USD February 2021 term loan, including accrued interest and debt issuance costs, and to fund a debt service reserve accounts and for general corporate purposes. The borrower fully drew down the loan. The nine lenders, including ICBC, each contributed about $55,555,555.5556. Record ID#108568 captures ICBC's contribution. In addition to ICBC, the following lenders contributed to the loan syndicate: Bank of America, ING Capital LLC, JPMorgan Chase Bank, N.A., Mizuho Bank, Morgan Stanley, Nomura Holdings, Royal Bank of Canada (RBC), and Banco Santander, S.A.. On December 7, 2022, financial close was reached on a deal in which a syndicate of 15 banks — including ICBC — entered into a $2.800 billion USD up-sizing agreement with VGLNG for the $500 million USD senior secured term loan facility, increasing its face value to $3.300 billion USD. The up-sized tranche retained the same maturity date in August 2025 (approximately 2.734 years) and interest rate. The proceeds of the up-sizing were by the borrower to prepay the $460 million USD of convertible notes due in 2024 and repurchase $1.4 billion USD of Series B common stock and Series C common stock shares, with the remaining net proceeds intended to be used for general corporate purposes, including to pay for certain project costs. The entire $2.8 billion USD up-sizing was drawn down. 13 lenders, including ICBC, each contributed about $192,307,692.308 USD. Record ID#108569 captures ICBC's contribution. In addition to ICBC, the following lenders contributed that same value: Bank of America, Deutsche Bank AG, Goldman Sachs Group, ING Capital, JPMorgan Chase Bank, Mizuho Bank, MUFG Bank, Ltd., Nomura Holdings, Landesbank Baden-Württemberg (LBBW), RBC, Banco Santander, the Bank of Nova Scotia (Scotiabank), and Sumitomo Mitsui Banking Corporation (SMBC). Individually Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) contributed $125.00 million USD and Banco Santander contributed $175.00 million USD. In 2023, VGLNG fully prepaid the $3.3 billion USD of principal outstanding under the term loan.