New Fortress Secures $800mn for Global LNG Projects

US-based New Fortress Energy (NFE) announced on January 13 it had secured a $800mn loan facility from private equity firm Apollo Global Management to bankroll construction of LNG infrastructure.

NFE is developing LNG import and export projects in the Caribbean, Europe, Mexico and the US. It also last year signed a preliminary deal to construct a new regasification terminal in Angola – an LNG exporting country.

“This transaction provides additional capital for us to continue to build LNG terminals and infrastructure around the world,” New Fortress CEO Wes Edens said. “Our investments in new terminals and modern power infrastructure bring significant economic and environmental benefits to customers.”

The three-year facility from Apollo carries an annual interest equal to Libor plus 6.25%, subject to a 1.5% Libor floor and annual increases in the interest rate spread. Besides new investments, the funds will also be used to fully settle NFE’s existing $500mn loan facility.