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Infrastructure and LNG company New Fortress Energy Inc. has completed the first phase of its $2.7 billion issuance of new senior secured notes due 2029, the company said in a Nov. 26 press release.
As part of its two-step debt refinancing, New Fortress funded $1.2 billion in new senior secured notes as part of the first step, the company said.
The second phase, expected to close in early December, will involve the issuance and private exchange of an additional $1.5 billion in new senior secured notes.
The company said it anticipates raising approximately $325 million in gross proceeds from the refinancing.
New Fortress said the initiative aims to refinance $2.4 billion of existing bonds, including all bonds maturing in 2025 and over two-thirds of outstanding bonds due in 2026 and 2029.
Additionally, the company expects to extend the maturity of $900 million of the company's $1 billion revolving credit facility to October 2027.
The financing, along with an 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,” New Fortress said.
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