New Fortress Energy Inc. [NASDAQ: NFE] has disclosed the pricing of an earlier declared private offering of $1.5 billion total of the principal amount of senior secured notes due 2026. The interest rate of the Notes will be 6.500% per annum. The firm has disclosed that it will be released at an issue price equal to 100% of principal, in addition to the interest payable, if any, from April 12, 2021.
The Notes will be ensured on a senior secured basis by each national affiliate and foreign affiliate that is a fully-owned restricted unit of the firm that is a backer under its current senior secured notes. The Notes will be secured by considerably the same indemnity as the firm’s current first pledge commitments in accordance with its current senior secured notes.
Shares of New Fortress Energy went up 2.39% at $47.92 during the trading session of Friday. The firm’s share went up 477.35% from its 52-week low and went down -27.28% from its 52-week high. Looking at its liquidity, it has a current ratio of 4.00 and a quick ratio of 3.90. NFE market capitalization reached $7.76 billion at the time of writing.
New Fortress Energy is planning to use the profit from the offering to fund the cash payment for its earlier disclosed buying of Golar LNG Partners L.P. and pay associated fees and costs. The firm is planning to utilize any residual profit from this offering for general business purposes, plus invested in developing projects. The Notes will be dependent on a special compulsory exchange. The offering is scheduled to close after the fulfillment of certain conditions.