New Era Energy units sign $116M Macquarie letter of credit facility; warrants issued at $7.26

New ERA Energy & Digital, Inc.

TCDC PowerCo and Texas Critical Data Centers entered a reimbursement agreement with Macquarie Bank for a $116.0M standby letter of credit favoring Luminant ET Services.
Cash collateral must be at least 102% of the undrawn face amount, about $118.3M at issuance; $60.0M came from Term Loan A-2/A-3 draws.
PowerCo must reimburse drawings at 12% interest; TCDC guarantees; fees include 1.00% fronting fee and 2.00% annual letter of credit fee.
Lender received warrants for 413,055 shares at about $7.26, issued under Section 4(a)(2); company expects to refinance Term Loan Agreement borrowings.
Company will pursue hyperscale tenant leases for the Texas Critical Data Center project directly instead of via a joint venture with a data center developer.

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