Tellurian (NYSE:TELL) -9.5% post-market after plunging 23.8% in common buying and selling Tuesday following its withdrawal of a $1B high-yield bond sale meant to assist fund its deliberate Driftwood liquefied pure gasoline export challenge.
The corporate will proceed to hunt fairness companions to assist finance the Driftwood LNG challenge, CEO Charif Souki mentioned on a YouTube video after the shut.
Pulling the bond providing “places in jeopardy the power to ship gasoline on the schedule we have been hoping to stay to,” however the fundamentals for the challenge stay robust, Souki mentioned on the video.
Tellurian’s (TELL) proposed LNG facility may by no means be constructed, and the corporate’s shares are “severely overvalued,” Thomas Prescott writes in a bearish evaluation revealed lately on Looking for Alpha.