Venture Global Inc. (NYSE: VG) announced that its subsidiary Calcasieu Pass Funding LLC closed a $1.75 billion senior secured term loan B credit facility. The subsidiary indirectly controls the Calcasieu Pass liquefied natural gas project.

The company used a portion of the proceeds to fully redeem preferred equity interests previously issued to Stonepeak Bayou Holdings II LP. The transaction reduces Venture Global's cost of capital and strengthens its balance sheet position, according to the company.

"This transaction meaningfully reduces our overall cost of capital while further strengthening our balance sheet and liquidity position," said Venture Global CEO Mike Sabel in a statement.

Goldman Sachs served as lead left arranger and bookrunner for the facility. Barclays, Natixis and Wells Fargo each served as lead right arrangers and joint bookrunners. Latham & Watkins LLP provided legal counsel to Venture Global, while Skadden, Arps, Slate, Meagher & Flom LLP advised the arrangers.

Venture Global operates as a producer and exporter of U.S. liquefied natural gas with facilities totaling over 100 million tons per annum of capacity in production, construction, or development. The company began LNG production from its first facility in 2022 and operates three projects along Louisiana's Gulf Coast: Calcasieu Pass, Plaquemines LNG, and CP2 LNG.