Published on 12/15/2020 in the Prospect News High Yield Daily.
New Issue: New Fortress Energy prices $250 million tap of 6¾% secured notes due 2025 at 105.25
By Paul A. Harris
Portland, Ore., Dec. 15 – New Fortress Energy Inc. priced a $250 million add-on to its 6¾% senior secured notes due Sept. 15, 2025 (B1/B+) at 105.25 to yield 5.185% in a Tuesday drive-by, according to market sources.
The issue price came at the rich end of the 105 to 105.25 price talk. Initial guidance was in the 105 area.
Bookrunner Morgan Stanley & Co. LLC will bill and deliver.
The New York-based energy infrastructure company plans to use the proceeds for general corporate purposes.
| Issuer: | New Fortress Energy Inc.
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| Amount: | $250 million
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| Maturity: | Sept. 15, 2025
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| Security description: | Add-on to 6¾% senior secured notes due Sept. 15 2025
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| Bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
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| Co-managers: | Barclays, BTIG LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Fearnley Securities AS, JMP Securities LLC, Johnson Rice & Co. LLC, Scotia Capital (USA) Inc., Stifel Nicolaus & Co. Inc., Tuohy Brothers Investment Research Inc. and WR Securities LLC
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| Coupon: | 6¾%
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| Price: | 105.25
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| Yield to worst: | 5.185%
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| Spread: | 510 bps
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| First call: | Sept. 15, 2022 at 103.375
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| Trade date: | Dec. 15
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| Settlement date: | Dec. 17
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| Ratings: | Moody's: B1
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 105 to 105.25
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| Marketing: | Drive-by
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| Original issue: | $1 billion priced in August 2020
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| Total issue size: | $1.25 billion
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