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New Fortress lifts liquidity by boosting revolver, letter of credit
By Devika Patel
Knoxville, Tenn., Feb. 28 – New Fortress Energy Inc. said it upsized its revolving credit facility and enlarged its letter-of-credit facility earlier this month, which has increased the company’s liquidity.
“Earlier this month, we completed an upsize to our revolving credit facility to $750 million and increased the letter-of-credit facility to $325 million,” chief financial officer Christopher S. Guinta said on the company’s fourth quarter and year ended Dec. 31, 2022 earnings conference call on Tuesday.
“This is an increase of $800 million since the end of 2021.
“The cost of these facilities is competitively priced and allows for draws and repayments to match the needs of the business,” he said.
The amendments to the letter of credit and revolver increased liquidity.
“From a liquidity standpoint, as of Dec. 31, we have over $1.3 billion of cash on hand, plus availability under the revolver when you include the upsize and an additional $325 million of availability under the letter-of-credit facility,” Guinta said.
Adjusted EBITDA was $239 million for the quarter and about $1.1 billion for the year ended Dec. 31, 2022.
Cash and cash equivalents were $675,492,000 as of Dec. 31, 2022, compared to $187,509,000 as of Dec. 31, 2021.
Long-term debt was $4,476,865,000 as of Dec. 31, 2022, compared to $3,757,879,000 as of Dec. 31, 2021.
Current portion of long-term debt was $64.82 million as of Dec. 31, 2022, compared to $97,251,000 as of Dec. 31, 2021.
As of Dec. 31, 2022, the company’s leverage ratio was 3x.
New Fortress is a New York-based energy infrastructure company.
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