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Moody’s assigns New Fortress notes B1
Moody's Investors Service said it assigned a B1 rating to New Fortress Energy Inc.'s planned senior secured notes.
The issuer’s other ratings, including its B1 corporate family rating, B1-PD probability of default rating and the SGL-3 speculative grade liquidity rating are unchanged, the agency said.
“The new notes are rated B1, at the same level as the CFR and the B1 rating of the existing 2025 and 2026 senior secured notes. The new notes will benefit from the same guarantees and collateral package provided by some of the operating subsidiaries of NFE, as the existing notes, which are also shared by the senior secured term loan B facility on a pari passu basis,” Moody’s said in a press release.
New Fortress plans to use the proceeds to partially repay amounts outstanding under its $1.25 billion of senior secured notes maturing in September 2025, and some amounts outstanding under its revolver facility.
The outlook is stable.
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