Market Overview

Chenirie Tenders $533.6M in Notes

Cheniere Energy Partners, L.P. (NYSE: CQP) announced today the initial results of the previously announced cash tender offer by its  wholly owned subsidiary, Sabine Pass LNG, L.P. ("SPLNG"), relating to any and all of SPLNG's outstanding 7.25% Senior Secured Notes due 2013 (CUSIP/ISIN Nos. 785583 AA3, U8596QAA0, 785583 AC9, US785583AA33, USU8596QAA05, US785583AC98) ("Notes") pursuant to its Offer to Purchase dated October 1, 2012 relating to the tender offer.

As of 5:00 p.m., New York City time, on October 15, 2012 (the "Early Tender Deadline"), approximately $533.6 million aggregate principal amount of the Notes (or approximately 97% percent of the outstanding principal amount of Notes) had been validly tendered and not validly withdrawn. 

The time and date on or before which validly tendered Notes may be validly withdrawn expired at 5:00 p.m., New York City time, on October 15, 2012.  Holders of Notes may not validly withdraw any validly tendered Notes after that time and date, except in limited circumstances where we determine additional rights are required by law. 

SPLNG has elected to exercise the Early Settlement Election described in the Offer to Purchase.  Holders of Notes who validly tendered and did not validly withdraw their Notes on or prior to the Early Tender Deadline will receive on October 16, 2012 (the "Early Settlement Date") the purchase price equal to $1,073.55, plus accrued and unpaid interest, for each $1,000 principal amount of the Notes purchased.  After giving effect to the purchase of Notes on the Early Settlement Date, approximately $16.4 million aggregate principal amount of the Notes will remain outstanding. 

The tender offer for the Notes will expire at 12:00 midnight (meaning the end of such day), New York City time, on October 29, 2012, unless extended or earlier terminated (such date and time, as the same may be extended, the "Expiration Date"). Holders of the Notes who validly tender their Notes after the Early Tender Deadline and on or prior to the Expiration Date, and whose Notes are accepted for purchase, will receive a purchase price equal to $1,043.55, plus accrued interest, for each $1,000 principal amount of the Notes purchased, on the settlement date, which is expected to be promptly after the Expiration Date.

Posted-In: News Financing

 

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