New Fortress Energy Completes $2.7 Billion in Debt and Equity Transactions

Paul, Weiss advised an ad hoc group of New Fortress Energy Inc. noteholders as the liquefied natural gas company completed two debt and equity transactions totaling $2.7 billion.

The most recent transaction was a private exchange of $1.5 billion of new senior secured notes due 2029 for more than two thirds of each of New Fortress Energy's outstanding senior secured notes maturing in 2026 and 2029. This followed the funding of $1.2 billion of new senior secured notes due 2029, completed on November 26. The $2.7 billion of new senior secured notes will trade as a single class.

As a result of this two-step process, New Fortress Energy has refinanced $2.4 billion of its existing bonds, including all bonds maturing in 2025; extended the maturity of $900 million of the company's $1 billion revolving credit facility to October 2027; and raised about $325 million in gross proceeds to provide additional liquidity for the company.

The Paul, Weiss team was led by partners Sung Pak, Andrew Rosenberg, Raphael Russo and partner-elect Adam Longenbach, and included corporate counsel Tom Good; tax partner Matthew Jordan and counsel Patrick Karsnitz; and restructuring counsel Claudia Tobler.