NextDecade Corp (NEXT): debt financing — NextDecade reaches FID, closes $11.8B in project financing for Rio Grande LNG Train 1-3

NextDecade Corp

Secured $10.3B CD construction/term loan, $800M TCF credit (TotalEnergies backstop), and $700M 6.67% notes due 2033.
JV with TotalEnergies and GIP-led group commits up to $5.9B equity; NextDecade subsidiary commits $283M.
ND Member (NextDecade) entitled to ~20.8% of JVCo distributions; board control with Class A managers.
RGLNG debt requires 1.10x DSCR; SOFR+2.25% margin on CD loans; mandatory prepayment provisions.
Project includes first three LNG trains at Port of Brownsville, Texas; construction to commence.

item 1.01 item 2.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NextDecade Corp incurred credit facility of up to $10.3 billion with MUFG Bank, Ltd. as administrative agent.

Instrument: credit facility
Principal: up to $10.3 billion
Counterparty: MUFG Bank, Ltd. as administrative agent
Event: incurrence

Exact text from the filing

lenders party thereto. The CD Credit Agreement provides for the following facilities: ● a construction/term loan facility (the “ CD Construction/Term Loans ”) in an amount up to $10.3 billion available to RGLNG in three tranches solely to finance partially the design The JV Agreement contains certain restrictions on the ability of the members to transfer their

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NextDecade Corp filing history →

Source: SEC EDGAR

accession 0001437749-23-019791

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