Tellurian shares sink after withdrawal from bond sale

Tellurian (TELL.US), a U.S.-based provider of liquefied natural gas (LNG), has abandoned the sale of $1 billion worth of high-interest corporate bonds to finance an LNG complex in Louisiana. Tellurian has struggled to secure financing for its liquefied natural gas complex in Lake Charles, Louisiana, which it had already begun construction on before receiving full financing. To attract investors, the company intended to sell bonds bearing interest at 12.5%. Concerns about the deal were fueled by rising yields and widening spreads, which respond to the current hawkish rhetoric from central banks. In reaction to the company's decision, Tellurian shares are down more than 22% today.

Source: xStation 5