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[8-K] Venture Global, Inc. Reports Material Event

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Venture Global, Inc. (NYSE: VG) filed an 8-K disclosing that its wholly owned subsidiary, Venture Global Plaquemines LNG, LLC (VGPL), completed a $4.0 billion private placement of senior secured notes on July 3, 2025.

  • Tranche 1: $2.0 billion 6.50% notes due 2034.
  • Tranche 2: $2.0 billion 6.75% notes due 2036.

The notes were sold to qualified institutional buyers under Rule 144A and to non-U.S. investors under Reg S. Interest is payable semi-annually starting January 15, 2026. Both series are senior secured obligations of VGPL, ranking pari-passu with the subsidiary’s existing credit facilities and its April 2025 notes, and guaranteed by Venture Global Gator Express, LLC. The collateral package is shared equally across all secured debt.

The indenture imposes customary restrictive covenants on additional indebtedness, restricted payments, liens, affiliate transactions, and asset sales, with defined carve-outs and exceptions. The company retains optional redemption rights: (i) make-whole call any time prior to six months before maturity, and (ii) par call thereafter.

The filing also triggers Item 2.03 (creation of a direct financial obligation) and includes a press release (Exhibit 99.1) announcing the closing of the offering. A copy of the indenture will be filed with the Q3 2025 Form 10-Q.

Venture Global, Inc. (NYSE: VG) ha depositato un modulo 8-K comunicando che la sua controllata al 100%, Venture Global Plaquemines LNG, LLC (VGPL), ha completato un collocamento privato di note senior garantite per 4,0 miliardi di dollari il 3 luglio 2025.

  • Tranche 1: note da 2,0 miliardi di dollari al 6,50% con scadenza 2034.
  • Tranche 2: note da 2,0 miliardi di dollari al 6,75% con scadenza 2036.

Le note sono state vendute a investitori istituzionali qualificati secondo la Rule 144A e a investitori non statunitensi secondo il Regolamento S. Gli interessi saranno pagati semestralmente a partire dal 15 gennaio 2026. Entrambe le serie rappresentano obbligazioni senior garantite di VGPL, con pari rango rispetto alle linee di credito esistenti della controllata e alle note in scadenza nell'aprile 2025, garantite da Venture Global Gator Express, LLC. Il pacchetto di garanzie è condiviso equamente tra tutti i debiti garantiti.

L'atto di obbligazione prevede consuete clausole restrittive riguardanti l'indebitamento aggiuntivo, pagamenti limitati, vincoli, transazioni con parti correlate e cessioni di beni, con eccezioni e deroghe definite. La società mantiene i diritti di rimborso opzionale: (i) call make-whole in qualsiasi momento fino a sei mesi prima della scadenza, e (ii) call a valore nominale successivamente.

Il deposito attiva inoltre la voce 2.03 (creazione di un obbligo finanziario diretto) e include un comunicato stampa (Allegato 99.1) che annuncia la chiusura dell'offerta. Una copia dell'atto di obbligazione sarà depositata con il modulo 10-Q del terzo trimestre 2025.

Venture Global, Inc. (NYSE: VG) presentó un formulario 8-K informando que su subsidiaria de propiedad total, Venture Global Plaquemines LNG, LLC (VGPL), completó una colocación privada de notas senior garantizadas por 4.0 mil millones de dólares el 3 de julio de 2025.

  • Tramo 1: notas por 2.0 mil millones de dólares al 6.50% con vencimiento en 2034.
  • Tramo 2: notas por 2.0 mil millones de dólares al 6.75% con vencimiento en 2036.

Las notas se vendieron a compradores institucionales calificados bajo la Regla 144A y a inversores no estadounidenses bajo el Reglamento S. Los intereses se pagarán semestralmente a partir del 15 de enero de 2026. Ambas series son obligaciones senior garantizadas de VGPL, con rango paritario respecto a las facilidades crediticias existentes de la subsidiaria y sus notas de abril de 2025, garantizadas por Venture Global Gator Express, LLC. El paquete de garantías se comparte por igual entre toda la deuda garantizada.

El contrato de emisión impone convenios restrictivos habituales sobre endeudamiento adicional, pagos restringidos, gravámenes, transacciones con afiliados y ventas de activos, con excepciones y exclusiones definidas. La compañía mantiene derechos de redención opcionales: (i) llamada make-whole en cualquier momento hasta seis meses antes del vencimiento, y (ii) llamada a valor nominal posteriormente.

La presentación también activa el ítem 2.03 (creación de una obligación financiera directa) e incluye un comunicado de prensa (Exhibición 99.1) que anuncia el cierre de la oferta. Una copia del contrato se presentará con el Formulario 10-Q del tercer trimestre de 2025.

Venture Global, Inc. (NYSE: VG)� 전액 출자 자회사인 Venture Global Plaquemines LNG, LLC (VGPL)가 2025� 7� 3� 40� 달러 규모� 선순� 담보부 사모채권 발행� 완료했다� 8-K 보고서를 제출했습니다.

  • 1� 트랜�: 2034� 만기, 6.50% 이자율의 20� 달러 채권.
  • 2� 트랜�: 2036� 만기, 6.75% 이자율의 20� 달러 채권.

� 채권들은 Rule 144A� 따라 적격 기관 투자자에�, Reg S� 따라 미국 � 투자자에� 판매되었습니�. 이자� 2026� 1� 15일부� 반기별로 지급됩니다. � 시리� 모두 VGPL� 선순� 담보부 채무�, 자회사의 기존 신용 시설� 2025� 4� 만기 채권� 동등� 순위이며, Venture Global Gator Express, LLC가 보증합니�. 담보 패키지� 모든 담보 부채에 균등하게 공유됩니�.

채권 계약서에� 추가 부�, 제한� 지�, 담보�, 계열� 거래 � 자산 매각� 관� 일반적인 제한 조항� 포함되어 있으�, 정의� 예외와 제외 조항� 있습니다. 회사� 선택� 상환 권리� 보유하고 있습니다: (i) 만기 6개월 전까지 언제든지 전액 상환(call make-whole), (ii) � 이후에는 액면가 상환(call par).

이번 제출은 항목 2.03(직접 금융 의무 생성)� 촉발하며, 공시�(첨부문서 99.1)에는 공모 종료 소식� 포함되어 있습니다. 채권 계약� 사본은 2025� 3분기 10-Q 보고서에 첨부� 예정입니�.

Venture Global, Inc. (NYSE: VG) a déposé un formulaire 8-K révélant que sa filiale détenue à 100 %, Venture Global Plaquemines LNG, LLC (VGPL), a finalisé un placement privé de billets seniors garantis d’un montant de 4,0 milliards de dollars le 3 juillet 2025.

  • Tranche 1 : billets de 2,0 milliards de dollars à 6,50 % échéant en 2034.
  • Tranche 2 : billets de 2,0 milliards de dollars à 6,75 % échéant en 2036.

Les billets ont été vendus à des investisseurs institutionnels qualifiés en vertu de la règle 144A et à des investisseurs non américains selon le règlement S. Les intérêts seront payables semestriellement à partir du 15 janvier 2026. Les deux séries sont des obligations seniors garanties de VGPL, au même rang que les facilités de crédit existantes de la filiale et ses billets d’avril 2025, et sont garanties par Venture Global Gator Express, LLC. Le paquet de garanties est partagé à parts égales entre toutes les dettes garanties.

Le contrat d’émission impose des clauses restrictives usuelles concernant l’endettement supplémentaire, les paiements restreints, les privilèges, les transactions avec les affiliés et les ventes d’actifs, avec des exceptions et dérogations définies. La société conserve des droits de rachat optionnels : (i) rachat make-whole à tout moment jusqu’� six mois avant l’échéance, et (ii) rachat au pair ensuite.

Le dépôt déclenche également l’élément 2.03 (création d’une obligation financière directe) et inclut un communiqué de presse (Exhibit 99.1) annonçant la clôture de l’offre. Une copie du contrat sera déposée avec le formulaire 10-Q du troisième trimestre 2025.

Venture Global, Inc. (NYSE: VG) hat eine 8-K-Meldung eingereicht, in der bekanntgegeben wird, dass seine hundertprozentige Tochtergesellschaft, Venture Global Plaquemines LNG, LLC (VGPL), am 3. Juli 2025 eine private Platzierung von vorrangig besicherten Schuldverschreibungen in Höhe von 4,0 Milliarden US-Dollar abgeschlossen hat.

  • Tranche 1: 2,0 Milliarden US-Dollar, 6,50% Notes mit Fälligkeit 2034.
  • Tranche 2: 2,0 Milliarden US-Dollar, 6,75% Notes mit Fälligkeit 2036.

Die Notes wurden an qualifizierte institutionelle Käufer gemäß Rule 144A und an Nicht-US-Investoren gemäß Reg S verkauft. Die Zinsen sind halbjährlich ab dem 15. Januar 2026 zahlbar. Beide Serien sind vorrangige besicherte Verbindlichkeiten von VGPL, die gleichrangig mit den bestehenden Kreditfazilitäten der Tochtergesellschaft und deren Notes aus April 2025 sind und von Venture Global Gator Express, LLC garantiert werden. Das Sicherheitenpaket wird gleichmäßig auf alle besicherten Schulden verteilt.

Die Schuldverschreibungsbedingungen enthalten übliche einschränkende Klauseln bezüglich zusätzlicher Verschuldung, eingeschränkter Zahlungen, Sicherheiten, Transaktionen mit verbundenen Unternehmen und Vermögensverkäufen, mit definierten Ausnahmen und Freistellungen. Das Unternehmen behält sich freiwillige Rückzahlungsrechte vor: (i) Make-Whole-Call jederzeit bis sechs Monate vor Fälligkeit und (ii) Par-Call danach.

Die Meldung löst außerdem Punkt 2.03 (Entstehung einer direkten finanziellen Verpflichtung) aus und enthält eine Pressemitteilung (Anlage 99.1), die den Abschluss des Angebots ankündigt. Eine Kopie der Schuldverschreibungsbedingungen wird mit dem 10-Q-Bericht für das dritte Quartal 2025 eingereicht.

Positive
  • $4.0 billion of long-term funding secured, strengthening liquidity for Plaquemines LNG development.
  • Fixed interest rates (6.50%-6.75%) lock in borrowing costs amid rate uncertainty.
  • Covenant package and shared collateral maintain alignment with existing creditors, reducing intercreditor conflicts.
Negative
  • Transaction adds $4 billion of additional secured leverage, elevating debt-to-capital metrics.
  • Coupons in the mid-6% range reflect higher perceived risk and will increase annual interest expense.
  • Restrictive covenants may limit future strategic flexibility and dividend capacity.

Insights

TL;DR — $4 bn secured notes fund Plaquemines LNG but raise leverage; pricing mid-6% reflects project risk.

The issuance materially bolsters liquidity for the Plaquemines LNG build-out, locking in long-dated, fixed-rate funding ahead of expected rate volatility. The pari-passu collateral structure keeps existing lenders whole, suggesting no covenant leakage. Coupon levels of 6.50%-6.75% are roughly 150-175 bp tighter than April’s initial project notes, indicating improving market appetite, yet still signal above-average risk relative to investment-grade energy peers. While the deal lengthens the debt ladder to 2036, it adds $4 bn of secured leverage, increasing fixed-charge coverage pressure once project cash flows commence. Overall credit profile depends on execution of LNG capacity; equity holders gain visibility on project funding but assume higher financial risk.

TL;DR — Financing milestone de-risks Plaquemines LNG schedule; covenants limit operational flexibility.

Plaquemines Phase 1 is capital-intensive, and this debt tranche closes a major funding gap, supporting timely mechanical completion. Covenants around subsidiary creation, hedging, and SPA amendments could constrain commercial agility if market conditions shift. Redemption mechanics provide refinancing options once cash flow stabilizes, potentially lowering interest expense post-COD. Absent project setbacks, the secured structure should not impede construction, but any cost overruns could strain coverage ratios. From an industry vantage, securing fixed-rate dollars before the next LNG cycle downturn is strategically sound.

Venture Global, Inc. (NYSE: VG) ha depositato un modulo 8-K comunicando che la sua controllata al 100%, Venture Global Plaquemines LNG, LLC (VGPL), ha completato un collocamento privato di note senior garantite per 4,0 miliardi di dollari il 3 luglio 2025.

  • Tranche 1: note da 2,0 miliardi di dollari al 6,50% con scadenza 2034.
  • Tranche 2: note da 2,0 miliardi di dollari al 6,75% con scadenza 2036.

Le note sono state vendute a investitori istituzionali qualificati secondo la Rule 144A e a investitori non statunitensi secondo il Regolamento S. Gli interessi saranno pagati semestralmente a partire dal 15 gennaio 2026. Entrambe le serie rappresentano obbligazioni senior garantite di VGPL, con pari rango rispetto alle linee di credito esistenti della controllata e alle note in scadenza nell'aprile 2025, garantite da Venture Global Gator Express, LLC. Il pacchetto di garanzie è condiviso equamente tra tutti i debiti garantiti.

L'atto di obbligazione prevede consuete clausole restrittive riguardanti l'indebitamento aggiuntivo, pagamenti limitati, vincoli, transazioni con parti correlate e cessioni di beni, con eccezioni e deroghe definite. La società mantiene i diritti di rimborso opzionale: (i) call make-whole in qualsiasi momento fino a sei mesi prima della scadenza, e (ii) call a valore nominale successivamente.

Il deposito attiva inoltre la voce 2.03 (creazione di un obbligo finanziario diretto) e include un comunicato stampa (Allegato 99.1) che annuncia la chiusura dell'offerta. Una copia dell'atto di obbligazione sarà depositata con il modulo 10-Q del terzo trimestre 2025.

Venture Global, Inc. (NYSE: VG) presentó un formulario 8-K informando que su subsidiaria de propiedad total, Venture Global Plaquemines LNG, LLC (VGPL), completó una colocación privada de notas senior garantizadas por 4.0 mil millones de dólares el 3 de julio de 2025.

  • Tramo 1: notas por 2.0 mil millones de dólares al 6.50% con vencimiento en 2034.
  • Tramo 2: notas por 2.0 mil millones de dólares al 6.75% con vencimiento en 2036.

Las notas se vendieron a compradores institucionales calificados bajo la Regla 144A y a inversores no estadounidenses bajo el Reglamento S. Los intereses se pagarán semestralmente a partir del 15 de enero de 2026. Ambas series son obligaciones senior garantizadas de VGPL, con rango paritario respecto a las facilidades crediticias existentes de la subsidiaria y sus notas de abril de 2025, garantizadas por Venture Global Gator Express, LLC. El paquete de garantías se comparte por igual entre toda la deuda garantizada.

El contrato de emisión impone convenios restrictivos habituales sobre endeudamiento adicional, pagos restringidos, gravámenes, transacciones con afiliados y ventas de activos, con excepciones y exclusiones definidas. La compañía mantiene derechos de redención opcionales: (i) llamada make-whole en cualquier momento hasta seis meses antes del vencimiento, y (ii) llamada a valor nominal posteriormente.

La presentación también activa el ítem 2.03 (creación de una obligación financiera directa) e incluye un comunicado de prensa (Exhibición 99.1) que anuncia el cierre de la oferta. Una copia del contrato se presentará con el Formulario 10-Q del tercer trimestre de 2025.

Venture Global, Inc. (NYSE: VG)� 전액 출자 자회사인 Venture Global Plaquemines LNG, LLC (VGPL)가 2025� 7� 3� 40� 달러 규모� 선순� 담보부 사모채권 발행� 완료했다� 8-K 보고서를 제출했습니다.

  • 1� 트랜�: 2034� 만기, 6.50% 이자율의 20� 달러 채권.
  • 2� 트랜�: 2036� 만기, 6.75% 이자율의 20� 달러 채권.

� 채권들은 Rule 144A� 따라 적격 기관 투자자에�, Reg S� 따라 미국 � 투자자에� 판매되었습니�. 이자� 2026� 1� 15일부� 반기별로 지급됩니다. � 시리� 모두 VGPL� 선순� 담보부 채무�, 자회사의 기존 신용 시설� 2025� 4� 만기 채권� 동등� 순위이며, Venture Global Gator Express, LLC가 보증합니�. 담보 패키지� 모든 담보 부채에 균등하게 공유됩니�.

채권 계약서에� 추가 부�, 제한� 지�, 담보�, 계열� 거래 � 자산 매각� 관� 일반적인 제한 조항� 포함되어 있으�, 정의� 예외와 제외 조항� 있습니다. 회사� 선택� 상환 권리� 보유하고 있습니다: (i) 만기 6개월 전까지 언제든지 전액 상환(call make-whole), (ii) � 이후에는 액면가 상환(call par).

이번 제출은 항목 2.03(직접 금융 의무 생성)� 촉발하며, 공시�(첨부문서 99.1)에는 공모 종료 소식� 포함되어 있습니다. 채권 계약� 사본은 2025� 3분기 10-Q 보고서에 첨부� 예정입니�.

Venture Global, Inc. (NYSE: VG) a déposé un formulaire 8-K révélant que sa filiale détenue à 100 %, Venture Global Plaquemines LNG, LLC (VGPL), a finalisé un placement privé de billets seniors garantis d’un montant de 4,0 milliards de dollars le 3 juillet 2025.

  • Tranche 1 : billets de 2,0 milliards de dollars à 6,50 % échéant en 2034.
  • Tranche 2 : billets de 2,0 milliards de dollars à 6,75 % échéant en 2036.

Les billets ont été vendus à des investisseurs institutionnels qualifiés en vertu de la règle 144A et à des investisseurs non américains selon le règlement S. Les intérêts seront payables semestriellement à partir du 15 janvier 2026. Les deux séries sont des obligations seniors garanties de VGPL, au même rang que les facilités de crédit existantes de la filiale et ses billets d’avril 2025, et sont garanties par Venture Global Gator Express, LLC. Le paquet de garanties est partagé à parts égales entre toutes les dettes garanties.

Le contrat d’émission impose des clauses restrictives usuelles concernant l’endettement supplémentaire, les paiements restreints, les privilèges, les transactions avec les affiliés et les ventes d’actifs, avec des exceptions et dérogations définies. La société conserve des droits de rachat optionnels : (i) rachat make-whole à tout moment jusqu’� six mois avant l’échéance, et (ii) rachat au pair ensuite.

Le dépôt déclenche également l’élément 2.03 (création d’une obligation financière directe) et inclut un communiqué de presse (Exhibit 99.1) annonçant la clôture de l’offre. Une copie du contrat sera déposée avec le formulaire 10-Q du troisième trimestre 2025.

Venture Global, Inc. (NYSE: VG) hat eine 8-K-Meldung eingereicht, in der bekanntgegeben wird, dass seine hundertprozentige Tochtergesellschaft, Venture Global Plaquemines LNG, LLC (VGPL), am 3. Juli 2025 eine private Platzierung von vorrangig besicherten Schuldverschreibungen in Höhe von 4,0 Milliarden US-Dollar abgeschlossen hat.

  • Tranche 1: 2,0 Milliarden US-Dollar, 6,50% Notes mit Fälligkeit 2034.
  • Tranche 2: 2,0 Milliarden US-Dollar, 6,75% Notes mit Fälligkeit 2036.

Die Notes wurden an qualifizierte institutionelle Käufer gemäß Rule 144A und an Nicht-US-Investoren gemäß Reg S verkauft. Die Zinsen sind halbjährlich ab dem 15. Januar 2026 zahlbar. Beide Serien sind vorrangige besicherte Verbindlichkeiten von VGPL, die gleichrangig mit den bestehenden Kreditfazilitäten der Tochtergesellschaft und deren Notes aus April 2025 sind und von Venture Global Gator Express, LLC garantiert werden. Das Sicherheitenpaket wird gleichmäßig auf alle besicherten Schulden verteilt.

Die Schuldverschreibungsbedingungen enthalten übliche einschränkende Klauseln bezüglich zusätzlicher Verschuldung, eingeschränkter Zahlungen, Sicherheiten, Transaktionen mit verbundenen Unternehmen und Vermögensverkäufen, mit definierten Ausnahmen und Freistellungen. Das Unternehmen behält sich freiwillige Rückzahlungsrechte vor: (i) Make-Whole-Call jederzeit bis sechs Monate vor Fälligkeit und (ii) Par-Call danach.

Die Meldung löst außerdem Punkt 2.03 (Entstehung einer direkten finanziellen Verpflichtung) aus und enthält eine Pressemitteilung (Anlage 99.1), die den Abschluss des Angebots ankündigt. Eine Kopie der Schuldverschreibungsbedingungen wird mit dem 10-Q-Bericht für das dritte Quartal 2025 eingereicht.

0002007855false00020078552025-07-032025-07-03


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 3, 2025
 
Logo.gif
Venture Global, Inc.
(Exact name of registrant as specified in its charter)
 
 
Delaware001-4248693-3539083
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1001 19th Street North, Suite 1500
22209
Arlington, VA
(Zip Code)
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (202) 759-6740
Not Applicable
(Former name or former address, if changed since last report.)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)
 Name of each exchange
on which registered
Class A common stock, $0.01 par value per share VG New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 





Item 1.01. Entry into a Material Definitive Agreement.

On July 3, 2025 (the “Issue Date”), Venture Global Plaquemines LNG, LLC (“VGPL”), an indirect, wholly-owned subsidiary of Venture Global, Inc. (the “Company”) issued $2.0 billion aggregate principal amount of 6.50% senior secured notes due 2034 (the “2034 Notes”), and $2.0 billion aggregate principal amount of 6.75% senior secured notes due 2036 (the “2036 Notes” and, together with the 2034 Notes, the “Notes”).

The Notes were offered in the United States and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

The Notes were issued by VGPL on the Issue Date pursuant to the first supplemental indenture, dated as of July 3, 2025, which supplements the indenture dated April 21, 2025 (as supplemented, the “Indenture”), among VGPL, Venture Global Gator Express, LLC, as guarantor (the “Guarantor”), any other guarantor that may become a party thereto from time to time and Regions Bank, as trustee (the “Trustee”).

The 2034 Notes bear interest at a rate of 6.50% per annum and the 2036 Notes bear interest at a rate of 6.75% per annum, with interest on each series of notes payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2026. The 2034 Notes will mature on January 15, 2034, and the 2036 Notes will mature on January 15, 2036.

VGPL’s obligations under the Notes are guaranteed by the Guarantor and may be guaranteed by certain of VGPL’s future domestic subsidiaries, if any. The Notes and the guarantees are secured by certain collateral, and the Notes, the existing term loan and working capital revolving facilities entered into by VGPL, as borrower, and the Guarantor, as guarantor (the “A&R Credit Facility Agreement”) and the existing notes issued by VGPL on April 21, 2025 (the "Existing Notes"), share equally in such collateral.

The Indenture contains customary terms and events of default and certain restrictive and maintenance covenants that, among other things, limit or restrict the ability of, or require, as applicable, VGPL, the Guarantor and certain of VGPL’s future subsidiaries, if any, to (i) make restricted payments, (ii) incur additional indebtedness or issue preferred stock, (iii) guarantee the obligations of others, (iv) assume, incur, permit or suffer to exist liens on VGPL’s or their respective assets, (v) create or permit to exist or become effective any consensual encumbrance on the ability of a restricted subsidiary to pay dividends, pay indebtedness owed to VGPL, the Guarantor or any of VGPL’s other restricted subsidiaries, make loans or advances to VGPL, the Guarantor or VGPL’s other restricted subsidiaries, or sell, lease or transfer any properties or assets to VGPL, the Guarantor or any of VGPL’s other restricted subsidiaries, (vi) consolidate, merge or sell substantially all of VGPL’s or their respective assets or properties, (vii) make investments, loans or advances, (viii) enter into certain transactions or agreements with or for the benefit of VGPL’s or their respective affiliates, (ix) amend or modify certain material project agreements or certain qualifying SPAs, (x) enter into hedging agreements, (xi) maintain accounts and (xii) create subsidiaries. The Indenture covenants are subject to a number of important limitations and exceptions.

At any time or from time to time, prior to July 15, 2033 (6 months prior to the maturity date of the 2034 Notes) (the “2034 Call Date”), VGPL may redeem the 2034 Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the 2034 Notes, plus the “make-whole” set forth in the Indenture, plus accrued and unpaid interest up to but excluding the redemption date. In addition, at any time or from time to time, on or after the 2034 Call Date, VGPL may redeem the 2034 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2034 Notes to be redeemed, plus accrued and unpaid interest, if any, on the 2034 Notes redeemed up to but not including the redemption date.

At any time or from time to time, prior to July 15, 2035 (6 months prior to the maturity date of the 2036 Notes) (the “2036 Call Date”), VGPL may redeem the 2036 Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the 2036 Notes, plus the “make-whole” set forth in the Indenture, plus accrued and unpaid interest up to but excluding the redemption date. In addition, at any time or from time to time, on or after the 2036 Call Date, VGPL may redeem the 2036 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2036 Notes to be redeemed, plus accrued and unpaid interest, if any, on the 2036 Notes redeemed up to but not including the redemption date.

The Notes and the guarantees constitute VGPL’s and the Guarantor’s direct and unconditional senior secured obligations and rank senior in right of payment to any of VGPL’s and the Guarantor’s future indebtedness that is subordinated in right of payment to the Notes and the guarantees and are equal in right of payment with all of VGPL’s and the Guarantor’s existing and future indebtedness that is not subordinated, including the A&R Credit Facility Agreement and the Existing Notes. The Notes and the guarantees are effectively subordinated to all of




VGPL’s and the Guarantor’s indebtedness that is secured by assets, if any, other than the collateral securing the Notes, to the extent of the value of such assets. The Notes and the guarantees are effectively senior to all of VGPL’s and the Guarantor’s senior indebtedness that is unsecured to the extent of the value of the assets constituting the collateral securing the Notes.

A copy of the Indenture will be filed as an exhibit to the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2025.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated herein by reference.


Item 8.01. Other Events.

On July 3, 2025, the Company issued a press release announcing that VGPL had closed a private offering of the Notes. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits
Exhibit NumberExhibit Title or Description
99.1
Press release dated July 3, 2025, relating to VGPL’s offering of the Notes.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Venture Global, Inc.
Dated: July 3, 2025
By: /s/ Jonathan Thayer
Jonathan Thayer
Chief Financial Officer



FAQ

How much debt did Venture Global (VG) issue on July 3, 2025?

VG’s subsidiary VGPL issued $4.0 billion of senior secured notes in two $2 billion tranches.

What are the interest rates and maturities of the new VG notes?

The 2034 notes carry a 6.50% coupon and mature January 15, 2034; the 2036 notes carry a 6.75% coupon and mature January 15, 2036.

Are the new Venture Global notes secured or unsecured?

They are senior secured obligations sharing collateral with VGPL’s existing credit facilities and April 2025 notes.

Can Venture Global redeem the notes early?

Yes. VGPL may execute a make-whole call anytime before six months prior to maturity and a par call thereafter.

Where will the indenture for the 2025 notes be filed?

A full copy will accompany Venture Global’s Form 10-Q for the quarter ending September 30, 2025.

How will this debt issuance affect Venture Global’s leverage?

The additional $4 billion of secured debt will increase leverage ratios and annual interest obligations.
Venture Global, Inc.

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40.58B
50.00M
78.66%
0.86%
Oil & Gas Midstream
Natural Gas Distribution
United States
ARLINGTON