Overview of Recent Significant Events
In July 2012, we closed on a $3.6 billion senior secured credit facility that will be used to fund a portion of the costs of developing, constructing and placing into service LNG trains 1 and 2 of the Liquefaction Project. We also received from Cheniere Energy, Inc. the remaining $333 million of its $500 million equity commitment in our Class B Units.
In August 2012, Blackstone CQP Holdco LP ("Blackstone") purchased its initial $500 million of Class B Units from us, and we issued a full notice to proceed to Bechtel to construct LNG trains 1 and 2 of the Liquefaction Project. As of October 31, 2012, Blackstone purchased $800 million additional Class B Units for an aggregate investment of $1.3 billion.
In September 2012, we sold 8.0 million common units in an underwritten public offering at a price of $25.07 per common unit for net cash proceeds of approximately $194 million.
In October 2012, Sabine Pass LNG, L.P. ("Sabine Pass LNG") repurchased approximately 97% of the outstanding $550 million 7.25% Senior Secured Notes due 2013 through a tender offer. The repurchase was funded from an equity contribution from Cheniere Partners and from newly issued $420 million 6.50% Senior Secured Notes due in 2020.
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