New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) is pleased to announce the completion of the first step of the Company’s $2.7 billion issuance of new senior secured notes due 2029 (the “Transaction”).
The Transaction will be completed in two steps; the first step completed was the funding of $1.2 billion new senior secured notes. The second step will be an issuance and private exchange of $1.5 billion new senior secured notes expected to close during the first week of December for a total of $2.7 billion new notes issued that mature in November 2029.
As a result of the Transaction, the Company will achieve three key objectives:
- Refinancing $2.4 billion of our existing bonds, including all bonds maturing in 2025 and more than two-thirds of our outstanding bonds maturing in 2026 and 2029
- Extending the maturity of $900 million of the Company’s $1 billion Revolving Credit Facility to October 2027 (effective once the second step of the transaction is completed)
- Raising approximately $325 million in gross proceeds to provide additional liquidity for the Company
The Transaction, in combination with the approximately $400 million common equity offering completed in September, marks an important milestone for the Company as we take a significant step forward in strengthening the Company’s balance sheet and positioning the Company for future sustained growth. The second step of the Transaction is subject to customary closing conditions and there can be no assurance that the Transaction is completed as contemplated or under the expected timing.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements and information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, the Company’s future financial performance or the Company’s projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition or the stock prices of the Company. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described herein will not be achieved. These forward-looking statements are necessarily estimates based upon current information and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company’s annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. The Company undertakes no duty to update these forward-looking statements, even though its situation may change in the future.
Source: New Fortress Energy Inc.
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