Press release
New Fortress Energy Announces $800 Million Term Loan Facility
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy LLC (NASDAQ: NFE) (“New Fortress” or the “Company”) announced today that it has executed a fully committed
About this update from New Fortress Energy Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNew Fortress Energy LLC (NASDAQ: NFE) (“New Fortress” or the “Company”) announced today that it has executed a fully committed $800 million term loan facility (the “Term Loan Facility”) provided by certain funds and accounts managed by affiliates of Apollo Global Management, Inc. (together with its consolidated subsidiaries, “Apollo”) (NYSE: APO).\n\n\nThe Term Loan Facility has a three-year term, and loans issued under the facility will bear interest at an annual rate equal to LIBOR plus 6.25%, subject to a 1.50% LIBOR floor and annual increases in the interest rate spread.\n\n\nNet proceeds of the loan will be used to fund the development and construction of New Fortress’s energy infrastructure projects around the world, and to repay the Company’s existing $500 million term loan facility in full.\n\n\n“This transaction provides additional capital for us to continue to build LNG terminals and infrastructure around the world,” said New Fortress Chairman and CEO Wes Edens. “Our investments in new terminals and modern power infrastructure bring significant economic and environmental benefits to customers. Apollo has a great track record of success with funding innovative projects around the world, and we’re excited to have their support.”\n\n\nApollo is a leading global alternative investment manager with approximately $323 billion of assets under management as of September 2019 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.\n\n\n“Apollo is pleased to support the growth of New Fortress Energy, a market-leader that is having a tangible impact on driving the transition to clean energy and whose business strategy closely aligns with our ESG commitment and goals,\" said James Zelter, Co-President of Apollo. \"Over the last decade, Apollo has built one of the largest alternative credit businesses in the world, with more than $200 billion of Assets Under Management invested across a diverse spectrum of more than 20 different strategies. This transaction represents the type of creative financial solutions Apollo is uniquely qualified to deliver.”\n\n\nThis news release is neither an offer to sell nor a solicitation of an offer to sell any of the securities of New Fortress, nor shall there be any sale of se...