JPMorgan Chase Bank, Morgan Stanley Senior Funding, Mizuho Bank and Bank of America closed a $500 million term loan for Venture Global LNG. JPMorgan and Morgan Stanley served as joint lead arrangers of the transaction.

Proceeds will be used to fund pre-FID construction activities at the Venture Global’s Plaquemines LNG export project as well as for general corporate purposes. The transaction was upsized from $400 million to $500 million based on strong lender interest.

“We are proud to continue to partner with this group of leading banks, all of whom are lenders to our Calcasieu Pass LNG export facility, as we move towards the launch of full construction on Plaquemines LNG in 2021. Replicating the successful strategy we pioneered and utilizing the same configuration, we will continue to execute on our commitment to provide the lowest cost LNG to the global market and supply the world’s growing demand for clean and reliable energy,” Mike Sabel, CEO of Venture Global, said.

Venture Global’s Plaquemines LNG project has contracted 3.5 MTPA of the facility’s 10 MTPA first phase under binding 20-year offtake agreements and received both DOE export authorization and final FERC approval.