LNG to go up $2 at open
Blackstone investing $2 bln in LNG plant
BY MarketWatch
— 8:06 AM ET 02/27/2012
NEW YORK (MarketWatch) -- Blackstone Group LP (BX
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) said Monday it's investing $2 billion in a liquefied natural gas operation buy buying senior subordinated paid-in-kind units from Cheniere Energy Partners LP (CQP
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) . Houston-based CQP said it will use proceeds of the financing to fund the equity portion of the cost of developing its Sabine Pass liquefaction project at the Sabine Pass LNG terminal. Blackstone plans to buy 111 million CQP units for $18 per unit. "We have been impressed with the vision and capability of Cheniere's management, which have afforded Cheniere Partners a competitive advantage and compelling opportunity to develop the first natural gas liquefaction export facility in the continental United States, creating thousands of jobs for American workers and providing significant benefits to the local economy and the state of Louisiana," said David Foley, senior managing director of Blackstone.
