Venture Global LNG filed initial paperwork on Dec. 20, about a week after the company’s Plaquemines LNG facility started production. (Source: Venture Global, Shutterstock)
Venture Global LNG filed initial paperwork Dec. 20 to take the company public, according to Securities and Exchange Commission documents.
The company has applied to list its Class A common stock on the New York Stock Exchange under the symbol “VG” if the company goes ahead with an IPO.
After the completion of the offering, Venture Global’s controlling shareholder, VG Partners, would continue to own common stock representing more than 50% of the total combined voting power in the election of directors.
As a result, Venture Global would be a “controlled company” for the purposes of the NYSE listing requirements.
The filing comes about a week after the company’s Plaquemines LNG facility started production.
In the company’s prospectus, Venture Global said that as of Sept. 30, the company had executed 39.25 million tonnes per annum (mtpa) of sales and purchase agreements (SPA) with third-party buyers “that we believe constitute one of the strongest portfolios of institutional LNG buyer credits in the world.”
“Approximately 95% of our contracted post-COD [commercial operations date] SPAs—or 37.45 mtpa of such 39.25 mtpa—are 20-year fixed price agreements, providing a long-term stream of contracted cash flow,” the company said.
The company has also executed on 1.8 mtpa of post-COD SPAs on a short- and medium-term basis and plan to continue to optimize its portfolio to balance profit, duration and risk.
The filing also comes as Venture Global faces claims of about $5.4 billion in disputes with various customers over its Calcasieu Pass facility. The company is headed to arbitration with Shell BP, Galp and Repsol over a dispute of the definition of “commissioned.” The companies seeking arbitration were part of the original guarantors of Calcasieu Pass.
Goldman Sachs & Co., J.P. Morgan, BofA Securities, ING, RBC Capital Markets, Scotiabank and Mizuho, among others, are serving as bookrunners for the offering.
In November, Reuters reported that the company was planning to raise about $3 billion from its IPO in New York.
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