VG · Venture Global, Inc.

Venture Global's subsidiary Calcasieu Pass Funding, LLC closed a $1.75 billion senior secured Term Loan B Facility on April 10, 2026, marking a key refinancing event. The facility was fully drawn to fully redeem preferred equity interests previously issued to Stonepeak Bayou Holdings II LP under a 2019 LLC agreement, eliminating this higher-cost capital layer. Additional proceeds cover transaction costs and support working capital needs, enhancing liquidity for the Calcasieu Pass LNG project, which the subsidiary indirectly controls. The seven-year term to April 10, 2033, with prepayment flexibility after six months (subject to breakage fees), provides long-term funding stability. Interest accrues at Term SOFR or Base Rate plus an agreed margin, secured by first-priority liens on substantially all borrower assets and equity. Customary covenants impose standard restrictions on leverage, asset encumbrances, investments, structural changes, sales, and payouts, safeguarding lender interests while allowing operational flexibility. CEO Mike Sabel highlighted the transaction's role in lowering overall cost of capital, strengthening the balance sheet, and demonstrating capital market access amid volatility. Arranged by Goldman Sachs as Lead Left Arranger and Bookrunner, with Barclays, Natixis, and Wells Fargo as Lead Right Arrangers, the deal underscores strong banking support for Venture Global's LNG expansion, including Calcasieu Pass, Plaquemines LNG, and CP2 LNG projects along the U.S. Gulf Coast.