Press release
New Fortress Energy Announces $725 Million Shipping Term Loan Facility
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (NASDAQ: NFE) (“New Fortress” or the “Company”) announced today that it has executed a term loan
About this update from New Fortress Energy Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNew Fortress Energy Inc. (NASDAQ: NFE) (“New Fortress” or the “Company”) announced today that it has executed a term loan facility secured by eight Company vessels (the “Shipping Facility”). The Company made an initial borrowing of $430 million and can borrow up to $725 million under the Shipping Facility.\n\nThe Shipping Facility has a three-year term, and loans issued under the facility will bear interest at an annual rate equal to LIBOR plus 3.00%, subject to a 0.0% LIBOR floor. The Shipping Facility is prepayable at par at any time without penalty.\n\nNet proceeds of the Shipping Facility will be used to fund the development and construction of the Company’s energy infrastructure projects around the world.\n\n“We continue to execute the plan we previously laid out to facilitate our growth with asset-level financings. This facility provides additional capital for us to build additional LNG terminals and infrastructure around the world,” said New Fortress Chairman and CEO Wes Edens. “Our investments in LNG terminals and power infrastructure bring significant economic and environmental benefits to our expanding customer base.”\n\nAbout New Fortress Energy\n\nNew Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.\n\nCautionary Statement Concerning Forward-Looking Statements\n\nCertain statements contained in this press release constitute “forward-looking statements” including the Company’s expected use of proceeds of the Shipping Facility to fund the development and construction of energy infrastructure projects around the world. These forward-looking statements represent the Company’s expectations or beliefs concerning 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 outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Facto...