Venture Global Announces $2.25 Billion Senior Secured Notes Offering

Venture Global, Inc. has announced that its wholly-owned subsidiary, Venture Global LNG, Inc., intends to privately issue $2.25 billion in aggregate principal amount of senior secured notes, comprising two series maturing in 2034 and 2036.

The offering is targeted at investors considered qualified institutional buyers under Rule 144A of the Securities Act of 1933.

Venture Global plans to use the net proceeds from the offering, along with existing cash, to redeem all of its outstanding 8.125% senior secured notes due in 2028.

The redemption is expected to be conditional upon raising at least the total principal amount of the notes to be redeemed through this offering.

The new notes will initially be issued without guarantees from any subsidiaries.

In the future, when specific subsidiaries incur or guarantee debt above a certain threshold, they will provide guarantees for the notes, except during periods when the notes are rated investment grade by a designated rating agency.

The notes will be secured by a first-priority lien, ranking equally with the company's existing notes and revolving credit facility.

This financing effort comes during a period of rapid expansion for Venture Global.

The company set a record in the first quarter of 2026 by exporting 130 LNG cargoes, generating $4.6 billion in revenue, a 59% increase year-over-year.

The company has significantly raised its full-year 2026 adjusted EBITDA guidance from a previous range of $5.2 billion to $5.8 billion to a new range of $8.2 billion to $8.5 billion.

Venture Global is currently advancing several major growth projects.

The first phase of the Plaquemines project is targeted for commercial operations in the fourth quarter of 2026, with the second phase expected to commence in mid-2027.

The CP2 project has completed its final investment decision for the second phase and secured $8.6 billion in project financing, bringing the total financing for the project to $20.7 billion.

The first LNG from CP2 is anticipated in the second half of 2027.

Additionally, the company is planning further expansions at both the CP2 and Plaquemines sites to further increase capacity.

The offering is subject to market and other conditions, and the company stated it cannot guarantee the completion, timing, or terms of the issuance.