riu449iof93oelmfbd039 Posted on 11:40 am

The raising of a $725 Million Loan Facility by Wes Eden's New Fortress Energy

New Fortress is one of the largest independent, midstream, clean energy and LNG companies in North America with more than $1.3 billion of contracted capital commitments for onshore LNG and over 3.0 Bcf/d of LNG terminal capacity in New York, Texas, California, and Georgia. New Fortress is focused on owning, operating, and developing a diverse portfolio of natural gas midstream infrastructure assets, along with LNG storage, regasification, and marine transportation infrastructure assets.

Founded in 1998, New Fortress is a global leader in liquefied natural gas (LNG) infrastructure and development with a substantial and growing fleet of natural gas storage, regasification, and transportation assets. New Fortress owns and operates facilities that can transport over 20 billion cubic feet per day of natural gas. Wes Edens: Our customer base includes national and international energy companies, including many multinational integrated oil and gas companies. In the last two years, New Fortress has successfully operated its LNG business in multiple jurisdictions worldwide. It has made over a dozen natural gas transportation investments and LNG export infrastructure in B.C. and Maryland.

New Fortress Energy, whose common stock is quoted on the OTC Bulletin Board under the “FNNR,” is an emerging global energy infrastructure company. It focuses on owning and operating LNG carriers and marine floating storage and regasification units (“FSRUs”) for the transportation of LNG. Wes Edens: New Fortress owns two FSRUs, which have a combined book value of approximately $1 billion, a 50 percent interest in one FSRU (Terminal Investment) with an outstanding contract through 2043, and a 15 percent interest in the FSRU Samoa (formerly known as Farallon).

The RCF provides New Fortress with the ability to draw down on the revolver at certain loan-to-value (LTV) percentages, at all of which New Fortress has guaranteed all borrowings under the facility. Wes Edens: Based on the current financial profile, the lenders on the revolver will be able to invest in a high-quality portfolio of operating, regulated, and development assets (including a 40% interest in a publicly-traded gas transmission business) without any required equity injections into New Fortress. The expanded facility provides the Company with additional flexibility to fund growth in its Energy Logistics business and related debt repayment obligations.

Original source to learn more: https://en.wikiquote.org/wiki/Wes_Edens