New Fortress Energy Inc. (NFE): debt financing — New Fortress Energy enters $856M Term Loan B, repays $400M August Term Loan

New Fortress Energy Inc.

Term Loan B of $856M matures Oct 2028, interest at SOFR+5.00% or base+4.00%, quarterly principal payments of ~$2.1M starting March 2024.
Proceeds used to repay $400M August Term Loan in full, plus working capital and fees.
Prepayment premiums: 2% before Oct 2024, 1% before Oct 2025; excess cash flow prepayments commence FY2024.
No financial covenants; secured by same collateral as existing 6.75% 2025 and 6.50% 2026 notes, including Altamira Fast LNG project.
If 2025/2026 notes not refinanced 60 days before maturity, Term Loan B becomes due on that date.

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

New Fortress Energy Inc. incurred term loan of $856 million at Term SOFR plus 5.00% or at a base rate plus 4.00% maturing October 30, 2028.

Instrument: term loan
Principal: $856 million
Rate: Term SOFR plus 5.00% or at a base rate plus 4.00%
Maturity: October 30, 2028
Event: incurrence

Exact text from the filing

On October 30, 2023, New Fortress Energy Inc. (the "Company") entered into a credit agreement (the "Term Loan B Agreement") pursuant to which the lenders funded a term loan to the Company in an aggregate principal amount of $856 million (the "Term Loan B").

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

New Fortress Energy Inc. entered into Term Loan B Agreement valued at $856 million (effective 2023-10-30).

Action: entry
Agreement: credit facility
Value: $856 million
Effective: 2023-10-30

Exact text from the filing

On October 30, 2023, New Fortress Energy Inc. (the “Company”) entered into a credit agreement (the “Term Loan B Agreement”) pursuant to which the lenders funded a term loan to the Company in an aggregate principal amount of $856 million

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

New Fortress Energy Inc. terminated August Term Loan Agreement (effective 2023-10-30).

Action: termination
Agreement: credit facility
Effective: 2023-10-30

Exact text from the filing

Term Loan B Credit Agreement and Prepayment of August Term Loan Agreement On October 30, 2023, New Fortress Energy Inc. (the “Company”) entered into a credit agreement (the “Term Loan B Agreement”) pursuant to which the lenders funded a term loan to the Company in an aggregate principal amount of $856 million (the "Term Loan B").

View on SEC.gov

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New Fortress Energy Inc. filing history →

Source: SEC EDGAR

accession 0001749723-23-000048

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