---
schema_version: "secwatch.filing_event.v1"
accession: "0001612720-25-000034"
form_type: "8-K"
ticker: "NEXT"
cik: "0001612720"
company_name: "NextDecade Corp"
filed_at: "2025-11-18T23:59:59+00:00"
generated_at: "2026-05-16T18:47:53.582371+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# NextDecade subsidiary amends credit agreement; adds $50M Series A loan at 8% exchangeable at $9.50

## Summary
- Incremental $50M Series A term loan + recharacterized $50M = $100M at 8%, quarterly PIK optional.
- Series A exchangeable into NextDecade common stock at $9.50/share; Tranche A/B warrants extended to 2031, C to 2032.
- Series B loans repriced to 13.5% interest, maturity extended to Oct 16, 2030; prepayment premiums from 105% to 100%.
- Prepayment offer obligation from Oct 2025 terminated; related party Bardin Hill fund is lender, director Kripalani recused.
- General Atlantic gets board nomination right for 2026 annual meeting; Matt Bonanno nominated as director.

## SEC filing metadata
- accession: 0001612720-25-000034
- form_type: 8-K
- ticker: NEXT
- cik: 0001612720
- company_name: NextDecade Corp
- filed_at: 2025-11-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1612720/000161272025000034/0001612720-25-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1612720/000161272025000034/next-20251117.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001612720-25-000034
- JSON: https://secwatch.observer/filing/0001612720-25-000034.json
- Plain text: https://secwatch.observer/filing/0001612720-25-000034.txt

## Key facts
- Debt Financings
  NextDecade Corp amended term loan with Atlantic Park Strategic Capital Master Fund II, L.P. at 13.5% per annum maturing October 16, 2030.
  - Instrument: term loan
  - Counterparty: Atlantic Park Strategic Capital Master Fund II, L.P.
  - Rate: 13.5% per annum
  - Maturity: October 16, 2030
  - Event: amendment
  source text: The A&R Credit Agreement adjusts the maturity date of the Series B Loans to October 16, 2030 and the interest rate in respect thereof to 13.5% per annum.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1612720/000161272025000034/0001612720-25-000034-index.htm
- Debt Financings
  NextDecade Corp incurred term loan of $50 million with Atlantic Park Strategic Capital Master Fund II, L.P. at 8.0% per annum maturing November 17, 2030.
  - Instrument: term loan
  - Principal: $50 million
  - Counterparty: Atlantic Park Strategic Capital Master Fund II, L.P.
  - Rate: 8.0% per annum
  - Maturity: November 17, 2030
  - Event: incurrence
  source text: The A&R Credit Agreement provides, among other things, for an incremental $50 million Series A term loan to Super Holdings and the recharacterization of $50 million of outstanding loan principal under the Original Credit Agreement as a Series A term loan (together, the “ Series A Loans ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1612720/000161272025000034/0001612720-25-000034-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.