New Fortress Energy Inc. reports developments across an integrated natural gas and LNG infrastructure business that owns and operates terminals, liquefaction and delivery assets, ships, and logistics capabilities. Recurring company news covers terminal commercialization and capacity arrangements, gas-supply contracts, LNG-to-power infrastructure, and power-generation support in markets such as Brazil and Puerto Rico.
Updates also address material agreements, capital-structure actions, debt and forbearance matters, shareholder voting items, governance disclosures, and operating and financial results. The company’s business is organized around Terminals and Infrastructure and Ships, with the infrastructure segment spanning natural gas procurement, liquefaction, logistics, shipping, facilities, and natural gas-fired power generation development.
New Fortress Energy (NASDAQ: NFE) announced the completion of the first step in a $2.7 billion issuance of new senior secured notes due 2029. The initial step involved funding $1.2 billion in new notes. The second step, expected to close in early December, will issue and privately exchange $1.5 billion in new notes. This transaction aims to refinance $2.4 billion of existing bonds, extend the maturity of $900 million of a $1 billion Revolving Credit Facility to October 2027, and raise approximately $325 million in gross proceeds. Combined with a $400 million common equity offering completed in September, this marks a significant milestone in strengthening the company's balance sheet and positioning it for future growth. The second step is subject to customary closing conditions.
Pennybacker Capital Management has completed the acquisition of the Miami LNG business from New Fortress Energy (NFE). The facility features one liquefaction train producing up to 8,300 MMBtu per day of LNG, serving hospitality, industrial, transportation, aerospace, and marine bunkering sectors in Florida and the Caribbean. The business offers 15-40% cost advantages over traditional fuels.
Daniel McLaughlin has been appointed as President and Chief Commercial Officer to lead the Miami LNG business, bringing over 10 years of energy sector experience. The acquisition aims to support energy transition in underserved markets and expand LNG solutions across the Southeast and Caribbean regions.
New Fortress Energy (NFE) reported its Q3 2024 financial results with Adjusted EBITDA of $176 million, meeting guidance of $175 million. The company posted revenues of $567.5 million and net income of $11.3 million, resulting in EPS of $0.03. NFE announced strategic financing transactions, including a planned refinancing of $2.7 billion in senior secured notes extending to 2029, extension of ~$900 million revolving credit facility, and completion of a $400 million equity raise. The company's Terminals and Infrastructure segment recorded operating margin of $184.8 million, while Ships segment contributed $34.8 million.
New Fortress Energy (NASDAQ: NFE) has announced it will release its third quarter 2024 financial results before 8:00 A.M. Eastern Time on Thursday, November 7th, 2024. The company will host a conference call at 8:00 A.M. ET on the same day. Investors can access the call by dialing (888) 204-4368 (U.S. toll-free) or +1-323-994-2093 (international) using conference code 5050993. A simultaneous webcast will be available on the company's website, and a replay will be accessible shortly after the call concludes.
Golar LNG Partners LP, a subsidiary of New Fortress Energy (NFE), announced a cash distribution of $0.546875 per unit for its 8.75% Series A Cumulative Redeemable Preferred Units. The distribution covers the period from August 15, 2024, to November 14, 2024, and will be paid on November 15, 2024. Unitholders must be on record by November 8, 2024, to receive the distribution.
New Fortress Energy (NASDAQ: NFE) has announced the completion of its third cargo loading from its initial Fast LNG unit onto the BW Pavilion, destined for NFE's Puerto Rico operation. The unit is operating at or above its nameplate capacity of 1.4 MTPA. Senior VP of FLNG Operations Barry Clayton confirmed that the facility has achieved full nameplate performance and indicated potential for further production increases through continued optimization.
New Fortress Energy (NFE) has appointed Andrew Dete, previously Managing Director, as the company's new President. Dete, who has been instrumental in NFE's commercial growth and development, joins the senior management team alongside Chairman and CEO Wes Edens, General Counsel Cameron MacDougall, and CFO Chris Guinta. The appointment was approved by NFE's board of directors.
New Fortress Energy (NFE) has announced two major debt and equity transactions totaling approximately $3 billion. The company issued 46,349,942 shares of Class A common stock at $8.63 per share, raising $400 million. CEO Wes Edens purchased $50 million worth of shares. Additionally, NFE entered into a Transaction Support Agreement with noteholders, expecting to issue $2.6 billion of senior secured notes due 2029. These transactions aim to extend NFE's debt maturity profile and provide $725 million of new capital for operations and growth.
NFE also completed its first full cargo and sail away from its Fast LNG asset in Altamira, Mexico, marking a significant operational milestone. The company expects these transactions to pave the way for growth and benefit from its global operations and assets.
New Fortress Energy Inc. (Nasdaq: NFE) has announced the completion of a $400 million public offering of Class A common stock. The company priced 46,349,942 shares at $8.63 per share. Notably, Wesley R. Edens, the company's chairman, CEO, and shareholder, agreed to purchase 5,793,742 shares at the public offering price without underwriting discounts.
The offering is expected to close on October 2, 2024, subject to customary conditions. NFE plans to use the net proceeds for general corporate purposes. Morgan Stanley & Co. is acting as joint book-running manager for the offering. The offering is being made through the company's effective shelf registration statement filed with the SEC.
New Fortress Energy (NFE) has announced a significant milestone for its initial Fast LNG asset located offshore Altamira, Mexico. The company's FLNG asset has achieved First Full Cargo & Sail Away, with its first full LNG cargo fully loaded onto the Energos Princess and setting sail for Europe.
Wes Edens, Chairman and CEO of New Fortress Energy, emphasized the importance of this achievement, stating that natural gas and power supply are critical components of a sustainable, affordable, and cleaner energy system. He expressed excitement about the company's ability to provide its own gas supply to world markets and customers.