Cheniere Energy Inc.'s $1 Billion Senior Notes Rated 'BB' (Recovery Rating: '3')

TORONTO (S&P Global Ratings) Sept. 14, 2020--S&P Global Ratings today assigned its 'BB' issue-level rating and '3' recovery rating to U.S.-based liquefied natural gas (LNG) developer Cheniere Energy Inc.'s (CEI) $1 billion senior notes due in 2028. The company plans to use the proceeds from the financing primarily toward repayment of its existing CEI term loan due in 2023 and balance toward payment of related transaction fees and expenses. While the notes will initially be secured, the indenture contains provisions for the security to fall away once the CEI term loan has been completely refinanced. Accordingly, we are rating the new notes on an unsecured basis. The 'BB' issue-level rating and the '3' recovery rating on the bonds due in

...September 14, 2020 TORONTO (S&P Global Ratings) Sept. 14, 2020--S&P Global Ratings today assigned its '##' issue-level rating and '3' recovery rating to U.S.-based liquefied natural gas (LNG) developer Cheniere Energy Inc.'s (CEI) $1 billion senior notes due in 2028. The company plans to use the proceeds from the financing primarily toward repayment of its existing CEI term loan due in 2023 and balance toward payment of related transaction fees and expenses. While the notes will initially be secured, the indenture contains provisions for the security to fall away once the CEI term loan has been completely refinanced. Accordingly, we are rating the new notes on an unsecured basis. The '##' issue-level rating and the '3' recovery rating on the bonds due in 2028 reflect our expectation that lenders would receive meaningful (50%% to 70%; rounded estimate: 50%) recovery if a payment default occurs. The issuer credit rating and the rating on the senior secured revolver remain unchanged. Key analytical...

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