New Fortress Energy Announces $ 725 Million Term Loan Facility for Shipping
NEW YORK–(COMMERCIAL THREAD) – New Fortress Energy Inc. (NASDAQ: NFE) (“New Fortress” or the “Company”) today announced that it has entered into a term loan facility secured by eight vessels of the Company (the “ shipment ”). The Company has an initial loan of $ 430 million and can borrow up to $ 725 million under the shipping facility.
The shipping facility has a term of three years and loans issued under the facility will bear interest at an annual rate equal to LIBOR plus 3.00%, subject to a LIBOR floor of 0.0%. The shipping facility is payable in advance at par at all times without penalty.
The net proceeds from the shipping facility will be used to finance the development and construction of the Company’s energy infrastructure projects around the world.
“We continue to execute the plan we set out earlier to facilitate our growth with asset-level funding. This facility provides us with additional capital to build additional LNG terminals and infrastructure around the world, ”said Wes Edens, President and CEO of New Fortress. “Our investments in LNG terminals and electrical infrastructure bring significant economic and environmental benefits to our growing customer base. ”
About New Fortress Energy
New Fortress Energy is a global energy infrastructure company founded to help accelerate the global transition to clean energy. The company finances, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated turnkey energy solutions that enable economic growth, improve environmental stewardship and transform industries and local communities.
Caution Regarding Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements”, including the Company’s intended use of the proceeds from the Transportation Facility to finance the development and construction of energy infrastructure projects around the world. These forward-looking statements represent the Company’s expectations or beliefs regarding future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are beyond the control of the Company, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risk that we may not be able to develop and build energy infrastructure projects around the world and the risk that our construction schedules. or commissioning are taking longer than expected or will not be achieved. Therefore, readers should not place undue reliance on forward-looking statements as a prediction of actual results.
Any forward-looking statement is only valid as of the date on which it is made and, except as required by law, the Company undertakes no 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 of these factors. When reviewing these forward-looking statements, you should keep in mind the risk factors and other caveats in the Company’s annual and quarterly reports filed with the SEC, which could cause its results actual differ materially from those contained in any forward-looking statement. .