New York - September 21, 2021
New 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.
The 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.
Net proceeds of the Shipping Facility will be used to fund the development and construction of the Company’s energy infrastructure projects around the world.
“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.”
About New Fortress Energy
New 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.
New Fortress Energy Inc. - press release