---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-000454"
form_type: "8-K"
ticker: "NEXT"
cik: "0001612720"
company_name: "NextDecade Corp"
filed_at: "2025-01-06T23:59:59+00:00"
generated_at: "2026-05-28T10:45:21.010560+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NextDecade secures $175M senior secured loan at 12% interest; issues 7.16M warrants to GA Credit

## Summary
- $175M term loan entered Dec 31, 2024; matures Dec 2030; interest 12% p.a., quarterly PIK option for first 2 years.
- Proceeds repay $50M revolver and $12.5M interest term loan; fund working capital and development of LNG Trains 4 & 5.
- 7.16M warrants issued to GA Credit: 3.58M exercisable at $7.15/share, 3.58M at $9.30/share; cashless exercise only, 5-year term.
- GA Credit appoints Matt Bonanno (General Atlantic) as board observer until loan repaid or warrants exercised.
- Registration rights granted for resale of shares underlying warrants; mandatory exercise triggers at certain stock prices.

## SEC filing metadata
- accession: 0001628280-25-000454
- form_type: 8-K
- ticker: NEXT
- cik: 0001612720
- company_name: NextDecade Corp
- filed_at: 2025-01-06T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1612720/000162828025000454/0001628280-25-000454-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1612720/000162828025000454/next-20241231.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-000454
- JSON: https://secwatch.observer/filing/0001628280-25-000454.json
- Plain text: https://secwatch.observer/filing/0001628280-25-000454.txt

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