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NextDecade sells stock to secure funds for Rio Grande LNG development

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LNG Industry,


NextDecade Corp. has agreed to sell the remainder of its Series B Convertible Preferred Stock (Series B) to HGC NEXT INV, LLC (HGC) and to funds and accounts managed by York Capital Management Global Advisors, LLC (York), Valinor Management, L.P. (Valinor), and Bardin Hill Investment Partners LP(Bardin Hill).

According to the statement, gross proceeds from the transactions total approximately US$21 million.

HGC is a wholly owned subsidiary of a leading Korean petrochemical company. York, Valinor and Bardin Hill, meanwhile, are NextDecade’s three biggest stockholders. HGC, York, Valinor and Bardin Hill were all participants in NextDecade’s Series A Convertible Preferred Stock issuance in August last year.

NextDecade claims that the Series B investments announced today will be made on the terms approved by the company’s stockholders in September last year. The transactions are expected to close on 24 May 2019.

According to the statement, the company is planning to use the proceeds from these Series B investments to continue progressing its Rio Grande LNG project and associated pipelines in South Texas, as well as for general corporate purposes and working capital.

Read the article online at: https://www.lngindustry.com/liquefaction/21052019/nextdecade-sells-stock-to-secure-funds-for-rio-grande-lng-development/

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LNG project news US LNG news LNG export news Current LNG projects