---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-041869"
form_type: "8-K"
ticker: "NEXT"
cik: "0001612720"
company_name: "NextDecade Corp"
filed_at: "2025-09-10T23:59:59+00:00"
generated_at: "2026-05-17T07:00:33.162001+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# NextDecade reaches FID on Train 4, secures $3.847B construction loan and JV partners

## Summary
- FID for Train 4 of Rio Grande LNG; secured $3.847B T4 Credit Agreement for construction.
- FinCo Facility $734M (LC sublimit $621M) and Super FinCo $600M term loan at 13% fixed rate.
- JV: NextDecade holds 40% equity in Train 4 JVCo (up to 60% after return thresholds); TotalEnergies and GIP partners; $2.83B total equity.
- Remand Satisfaction Date expected on or before October 28, 2025, for FinCo Facility availability.
- RG4 paid ND LLC $98M for development cost reimbursement ($48M) and services fee ($50M).

## SEC filing metadata
- accession: 0001628280-25-041869
- form_type: 8-K
- ticker: NEXT
- cik: 0001612720
- company_name: NextDecade Corp
- filed_at: 2025-09-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1612720/000162828025041869/0001628280-25-041869-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1612720/000162828025041869/next-20250909.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-041869
- JSON: https://secwatch.observer/filing/0001628280-25-041869.json
- Plain text: https://secwatch.observer/filing/0001628280-25-041869.txt

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