New Fortress Energy Enters Material Definitive Agreement

TL;DR

NFE just signed a big deal, could affect financials.

AI Summary

On July 19, 2024, New Fortress Energy Inc. entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Delaware, filed an 8-K report detailing this event. The filing was made on July 25, 2024, and pertains to the company's operations in natural gas distribution.

Why It Matters

This filing indicates a significant financial commitment or obligation for New Fortress Energy, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or risks that may not be immediately apparent.

Key Numbers

• 001-38790 — SEC File Number (Identifies the company's filing with the SEC.)
• 83-1482060 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• New Fortress Energy Inc. (company) — Registrant
• July 19, 2024 (date) — Date of earliest event reported
• July 25, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of Incorporation
• 111 W. 19th Street, 8th Floor New York, NY 10011 (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $700 million — an aggregate principal amount of up to $700 million (the loans made under the term loan fac

Filing Documents

• nfe-20240719.htm (8-K) — 36KB
• 0001749723-24-000064.txt ( ) — 160KB
• nfe-20240719.xsd (EX-101.SCH) — 2KB
• nfe-20240719_lab.xml (EX-101.LAB) — 21KB
• nfe-20240719_pre.xml (EX-101.PRE) — 12KB
• nfe-20240719_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Credit Agreement On July 19, 2024, New Fortress Energy Inc. (the "Company") and certain of its subsidiaries, as guarantors, entered into a credit agreement (the "Credit Agreement") with Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent, and the lenders party thereto (the "Lenders"). The Credit Agreement provides for a senior secured, multiple-draw term loan facility in an aggregate principal amount of up to $700 million (the loans made under the term loan facility, the "Term Loans"). The proceeds from the Term Loans will be used to pay (i) costs of the construction and development of our 1.4 MTPA onshore FLNG project in Altamira (the "Project"), including to reimburse the Company for certain equity contributions made in connection with the Project and (ii) fees and expenses incurred in connection with the Project. The initial and subsequent fundings of the Term Loans are subject to certain conditions, including the condition to the initial funding that initial generation of LNG from our offshore FLNG facility at Altamira (the "FLNG1 Project") had been achieved. Such condition was satisfied, and initial funding occurred. The remaining commitments of the Lenders to make the Term Loans expire on the earliest of June 30, 2026, the date of completion of the Project (the "Completion Date") and the date that the commitments are reduced to zero or terminated. The Term Loans will mature on July 19, 2027 and are payable in full on the maturity date. In the event that the Company's existing 6.750% Senior Secured Notes due 2025 (the "2025 Notes") or 6.50% Senior Secured Notes due 2026 (the "2026 Notes"), are not refinanced or repaid at least 60 days prior to their respective maturities, the Term Loans will become due and payable on such date. The obligations under the Credit Agreement are guaranteed, jointly and severally, on a senior secured basis by each subsidiary that is a guaranto

03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 is incorporated by reference into this Item 2.03 insofar as it relates to the creation of a direct financial obligation of the Company. Cautionary Statement Regarding Forward-Looking Statements This communication contains certain statements and information that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as "expects," "may," "will," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of those words or other comparable words. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition or the stock prices of the Company. These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described herein will not be achieved. These forward-looking statements are necessarily estimates based upon current information and 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. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. NEW FORTRESS ENERGY INC. July 25, 2024 By: /s/ Christopher S. Guinta Name: Christopher S. Guinta Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR