NFE Completes Comprehensive Debt Restructuring and Separation of its Brazil Business

New Fortress Energy Inc. has consummated its previously announced comprehensive debt restructuring. The transaction separates the company into two independent entities: "CoreCo," which comprises the company's non-Brazil assets and will be retained by NFE, and "BrazilCo," which comprises the company's businesses and assets in Brazil.

Key Details

• Restructuring Terms: Various existing debt instruments were terminated and exchanged with creditors for a combination of new debt and equity securities, including 100% of BrazilCo equity, 65% of CoreCo common stock (10.6M shares), and $571.3 million in new CoreCo term loans.
• New Capital & Facilities: NFE raised $136.5 million in new financing and entered into several new credit agreements, including a $400 million non-recourse term loan for its FLNG 2 assets and an amended $250 million letter of credit facility.
• Corporate Governance: The company effected a 1-for-50 reverse stock split of its common stock. In connection with the restructuring, six directors resigned and five new directors were appointed, with William P. Wall named Non-Executive Chair of the Board.
• Equity Issuance: NFE issued 10,608,922 shares of common stock and 2,454,936 shares of Series A Mandatorily Convertible Preferred Stock to plan creditors as part of the transaction. Existing stockholders retain 35% of CoreCo common stock.