01—Abstract
Summary
Summary of the 8-K filed April 10, 2026. Cited figures are marked; the original filing is the authoritative source.
Venture Global, Inc. (NYSE: VG) disclosed that its indirect subsidiary, Calcasieu Pass Funding, LLC, entered into a $1,750,000,000a senior secured term loan B facility on April 10, 2026, which was drawn in full on the closing date.
The facility matures on April 10, 2033, and is secured by a first-priority lien on substantially all assets of the Borrower and its equity interests. Borrowings bear interest at Term SOFR or Base Rate plus agreed margins, and the principal may be repaid without premium or penalty (subject to breakage fees) starting six months after the closing date. Proceeds will be used to redeem in full the preferred equity interests issued to Stonepeak Bayou Holdings II LP, to pay related costs and fees, and for working capital and general corporate purposes.
In the accompanying press release, CEO Mike Sabel said the transaction meaningfully reduces the company's overall cost of capital and strengthens its balance sheet and liquidity position. Goldman Sachs served as Lead Left Arranger and Bookrunner, with Barclays, Natixis and Wells Fargo as Lead Right Arrangers and Joint Bookrunners.
The credit agreement contains customary representations, affirmative and negative covenants, including restrictions on indebtedness, liens, investments, fundamental changes, dispositions and dividends or other distributions. The full credit agreement will be filed as an exhibit to the company's Form 10-Q for the quarter ending June 30, 2026.
02—Key points
Key Highlights
- Venture Global's subsidiary Calcasieu Pass Funding, LLC entered into a $1.75 billion senior secured term loan B facility on April 10, 2026, drawn in full at closing.
- Proceeds will redeem in full the preferred equity interests held by Stonepeak Bayou Holdings II LP, plus fund fees, expenses, and working capital and general corporate purposes.
- The facility matures on April 10, 2033, and bears interest at Term SOFR or Base Rate plus agreed margins.
- Repayment is permitted in whole or in part without premium or penalty (subject to breakage fees) starting six months after the closing date.
- The facility is secured by a first-priority lien on substantially all assets of the Borrower and its equity interests.
- The CEO stated the transaction meaningfully reduces the company's overall cost of capital and strengthens its balance sheet and liquidity.
- Goldman Sachs was Lead Left Arranger and Bookrunner; Barclays, Natixis and Wells Fargo were Lead Right Arrangers and Joint Bookrunners.
03—Questions
Frequently Asked Questions
How much debt did Venture Global's subsidiary take on, and when does it mature?
Calcasieu Pass Funding, LLC entered into a $1,750,000,000 senior secured term loan B facility on April 10, 2026, which was fully drawn at closing and matures on April 10, 2033.
What is the use of proceeds from the term loan?
Proceeds will be used to redeem in full the preferred equity interests issued to Stonepeak Bayou Holdings II LP, to pay costs, fees and expenses related to the transaction, and for working capital and general corporate purposes.
What collateral secures the facility?
The facility is secured by a first-priority lien on substantially all of the assets of the Borrower, Calcasieu Pass Funding, LLC, as well as the equity interests in the Borrower.
Can the loan be prepaid, and what are the interest terms?
Borrowings bear interest at Term SOFR plus an agreed margin, or Base Rate plus an agreed margin. The principal may be repaid in whole or in part at any time without premium or penalty, subject to breakage fees, six months after the closing date.
Where can investors find the full credit agreement?
The filing states that the credit agreement will be filed as an exhibit to the company's Form 10-Q for the three months ended June 30, 2026.
04—Continue