New Fortress Energy Files 8-K with Material Agreement Details

TL;DR

NFE filed an 8-K on 9/30/24 covering a material agreement. Check it out.

AI Summary

On September 30, 2024, New Fortress Energy Inc. filed an 8-K report detailing a material definitive agreement. The filing also includes other events and financial statements and exhibits. The company is incorporated in Delaware and its principal executive offices are located in New York, NY.

Why It Matters

This filing provides crucial updates on significant agreements and financial information for New Fortress Energy Inc., impacting investors' understanding of the company's current status and future prospects.

Risk Assessment

Risk Level: low — This is a routine filing of a current report (8-K) that primarily serves to disclose material definitive agreements and other events, without immediate, significant new financial risks being announced.

Key Players & Entities

• New Fortress Energy Inc. (company) — Registrant
• 0001749723-24-000083 (filing_id) — Accession Number
• September 30, 2024 (date) — Date of Report
• 111 W. 19th Street, 8th Floor New York, NY 10011 (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share "NFE" NASDAQ Global Select
• $300.0 million — l the Existing 2025 Notes plus at least $300.0 million from indebtedness or other sources not
• $250.0 million — roceeds to the Company of not less than $250.0 million (the "Equity Raise") and (iii) payment
• $50.0 million — a minimum consolidated liquidity of (i) $50.0 million as of the last day of each month, comme
• $100.0 million — mencing as of October 31, 2024 and (ii) $100.0 million as of the last day of any fiscal quarte
• $100 million — Term Loan A Facility are subject to the $100 million liquidity test. Additionally, the Term
• $350.0 million — , the Term Loan A Facility is capped at $350.0 million in aggregate principal amount outstandi
• $80 million — ble cash and liquidity of approximately $80 million as of September 30, 2024. The Company t
• $659 million — f proceeds of certain asset sales and a $659 million request for equitable adjustment relate
• $0.10 — nt of the Company's previously declared $0.10 per share Class A common stock dividend

Filing Documents

• nfe-20240930.htm (8-K) — 39KB
• nfeannouncesdividendupda.htm (EX-99.1) — 5KB
• nfeannouncesdividendupda001.jpg (GRAPHIC) — 228KB
• 0001749723-24-000083.txt ( ) — 486KB
• nfe-20240930.xsd (EX-101.SCH) — 2KB
• nfe-20240930_lab.xml (EX-101.LAB) — 21KB
• nfe-20240930_pre.xml (EX-101.PRE) — 12KB
• nfe-20240930_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement Credit Agreement Amendments As previously disclosed, on August 31, 2024, New Fortress Energy Inc. (the "Company," "we," "us" and "our") entered into the fourth amendment to its uncommitted letter of credit and reimbursement agreement (the "Fourth Amendment"), the first amendment to its term loan A credit agreement (the "First Amendment"), and the eighth amendment (the "Eighth Amendment"; and collectively with the Fourth Amendment and the First Amendment, the "Amendments") to its revolving credit agreement (the "Revolving Credit Agreement"). On September 30, 2024, the Company amended and restated each of the Amendments (each such amendment and restatement, an "Amended and Restated Amendment"; the revolving credit facility, the term loan A facility, and the letter of credit facility, as amended by the respective Amended and Restated Amendments, the "Revolving Credit Facility," the "Term Loan A Facility" and the "Letter of Credit Facility" and collectively, the "Amended Agreements"). The Amended Agreements amend and restate the conditions applicable to the suspension of the maximum Debt to Total Capitalization Ratio (as defined in the Amended Agreements) for the quarterly covenant tests conducted as of the last day of the fiscal quarters ending September 30, 2024, December 31, 2024 and March 31, 2025. Among the conditions to the suspension in the Amended Agreements, the following must be completed on or before October 7, 2024: (i) the receipt by the Company or its subsidiaries of binding commitments or priced transactions yielding gross proceeds (a) sufficient to satisfy and discharge the Company's existing 6.750% Senior Notes due 2025 (the "Existing 2025 Notes") or exchange, repay, repurchase (and cancel), redeem, defease, satisfy or otherwise discharge in full the Existing 2025 Notes plus at least $300.0 million from indebtedness or other sources not prohibited by such agreements, (ii) the sale by the Compan

01. Other Events

Item 8.01. Other Events. Dividend On September 30, 2024, the Company issued a press release announcing that it had determined to delay the payment of the Company's previously declared $0.10 per share Class A common stock dividend, with a record date of September 13, 2024 (the "Dividend") until such time as the Company has reached an agreement with its noteholders to address the Company's near-term maturities and liquidity requirements. The Company expects to reach an agreement with its noteholders in the near future, after which the Company will reevaluate the payment of the Dividend, including with respect to its amount and the timing of any potential payment. Furthermore, the Company does not expect to pay any quarterly cash dividends in future quarters. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 8.01 by reference. First FLNG Cargo On September 30, 2024, NFE's FLNG asset achieved first full cargo and sail away, with its first full LNG cargo fully loaded onto the Energos Princess and setting sail for Europe. Securities Class Action On September 17, 2024, Mikolaj Bojdol (the "Plaintiff") filed a putative class action complaint captioned Mikolaj Bojdol, et al. v. New Fortress Energy Inc., et al. , in the United States District Court for the Southern District of New York against the Company and certain of the Company's directors and officers. The complaint alleges that the Company and certain of the Company's directors and officers violated federal securities laws by, among other things, making materially false or misleading statements regarding the Company's growth trends, including the execution on the Company's fast liquified natural gas ("Fast LNG") projects in Mexico. The complaint seeks unspecified compensatory damages on behalf of the Plaintiff and all other investors who purchased or otherwise acquired shares of the Company's Class A common stock between February 29, 2024 and August 8, 2024

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibit No. Description 99.1 Press Release, dated September 30, 2024. 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. Date: September 30, 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