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CUSIP No. 16411Q101 | | 13D | | Page 8 of 12 Pages |
Information regarding each director and executive officer (the “Scheduled Persons”) of BIF IV Cypress Aggregator, Brookfield, and Partners is set forth on Schedules I, II and III attached hereto, respectively.
The principal business of BIF IV Cypress Aggregator is directing the operations of, and serving as an equity holder of, Target Holdco. The principal business of BIF is to invest in infrastructure assets and it serves as the indirect general partner of BIF IV Cypress Aggregator. The principal business of BAMPIC Canada is to serve as investment advisor for a variety of private investment vehicles, including BIF. The principal business of Brookfield is to invest in and operate businesses in the real estate, power generation, infrastructure and private equity sectors. The principal business of Partners is that of a holding company.
During the last five years, none of the Reporting Persons or, to the best knowledge of the Reporting Persons, any of the Scheduled Persons, (i) have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3. | Source and Amount of Funds or Other Consideration. |
In connection with the closing of the Transaction described in Item 4, on September 24, 2020, BIF IV Cypress Aggregator purchased 49.99% of the equity interests in Target Holdco for aggregate consideration of $3,251,201,661.59 using capital contributions from its partners and members. The above price may be increased up to an aggregate amount of $3,479,801,778.42 based on the satisfaction by the Issuer of certain conditions.
Item 4. | Purpose of Transaction. |
Transaction
On September 24, 2020, BX CQP SuperHoldCo Holdings Manager L.L.C., BX CQP Common Holdco Holdings Manager L.L.C. and BX Rockies Platform Co Holdings Manager L.L.C. completed the sale of all of the limited liability company interests in Target Holdco (the “Transaction”) to (i) BIP Chinook Holdco L.L.C., a Delaware limited liability company (“Blackstone Infrastructure Partners”), being an affiliate of BIP Aggregator Q L.P., a Delaware limited partnership, and BIP Aggregator II L.P., a Delaware limited partnership (together with BIP Aggregator Q L.P., the “Initial Blackstone Infrastructure Signatories”), to which the Initial Blackstone Infrastructure Signatories assigned their rights and obligations with respect to the Transaction, and (ii) BIF IV Cypress Aggregator for an aggregate consideration of $6,503,704,064.00, which may be increased to an aggregate amount of $6,960,995,756.00 based on the satisfaction by the Issuer of certain conditions. Following the closing of the Transaction, Blackstone Infrastructure Partners and BIF IV Cypress Aggregator directly owned 50.01% and 49.99% of the equity interests in Target Holdco, respectively, and may be deemed to share beneficial ownership of all of the Common Units that may be deemed to be beneficially owned by Target Holdco.
In connection with the closing of the Transaction, Blackstone Holdco distributed 13,170,436 Common Units to Target Holdco, who distributed such units to Blackstone Infrastructure Partners, who distributed such units to one of its members, who transferred such units to BIP-V.
Director Designation Rights Agreement
Pursuant to the Third Amended and Restated Limited Liability Company Agreement of Cheniere Energy Partners GP, LLC, the general partner of the Issuer (“Cheniere GP”), until Blackstone Holdco and its affiliates own less than (a) 20% of the outstanding Common Units and subordinated units of the Issuer, and (b) 50,000,000 common unit equivalents of the Issuer, the board (the “GP Board”) of Cheniere GP shall consist of eleven members. An affiliate of Cheniere has the right to appoint four directors to the GP Board; an affiliate of Blackstone Holdco has the right to appoint three directors to the GP Board; and there will be four independent directors on the GP Board. Certain actions to be taken by Issuer or its subsidiaries must be approved by an Executive Committee of the GP Board (the “Executive Committee”), including certain equity issuances, the incurrence of certain debt, acquiring or disposing of material