Blackstone Commits $2B to CQP's Sabine Pass Project

The Blackstone Group has entered into a definitive agreement with Cheniere Energy Partners (NYSE AMEX: CQP) to purchase 111 million CQP senior subordinated paid-in-kind units for $18 per unit, an aggregate $2 billion. CQP, a manufacturer of liquefied natural gas, will use the financing to fund its Sabine Pass liquefaction project (located in western Cameron Parish, Louisiana) and the purchase of the Creole Trail pipeline from Cheniere Energy.