According to the statement, the term loan facility has a three-year term, and loans issued under the facility will bear interest at an annual rate equal to LIBOR plus 6.25%, subject to a 1.50% LIBOR floor and annual increases in the interest rate spread.
New Fortress Energy claims that net proceeds of the loan will be used to fund the development and construction of its energy infrastructure projects around the world, and to repay the company’s existing US$500 million term loan facility in full.
New Fortress Chairman and CEO, Wes Edens, said: “This transaction provides additional capital for us to continue to build LNG terminals and infrastructure around the world.
“Our investments in new terminals and modern power infrastructure bring significant economic and environmental benefits to customers. Apollo has a great track record of success with funding innovative projects around the world, and we’re excited to have their support.”
Apollo is a global alternative investment manager with approximately US$323 billion of assets under management as of September 2019 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.
James Zelter, Co-President of Apollo, said: “Apollo is pleased to support the growth of New Fortress Energy, a market-leader that is having a tangible impact on driving the transition to clean energy and whose business strategy closely aligns with our ESG commitment and goals.
“Over the last decade, Apollo has built one of the largest alternative credit businesses in the world, with more than US$200 billion of assets under management invested across a diverse spectrum of more than 20 different strategies. This transaction represents the type of creative financial solutions Apollo is uniquely qualified to deliver.”
New Fortress Energy concluded the statement by claiming that the closing of the term loan facility is subject to the satisfaction of customary closing conditions.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/13012020/new-fortress-energy-announces-us800-million-term-loan-facility/