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New Fortress 6¾% notes tender offer oversubscribed by early deadline
By Mary-Katherine Stinson
Lexington, Ky., March 19 – New Fortress Energy Inc. announced the early results of its upsized cash tender offer for up to $375 million of its $1.25 billion outstanding 6¾% senior secured notes due 2025 (Cusips: 644393AA8, U6422PAA6), according to a press release.
As of the early deadline of the 5 p.m. ET on March 18, which was also the withdrawal deadline, the company received tenders from registered holders of $1,068,338,000 in aggregate principal amount, representing about 85.5% of the total outstanding principal.
Due to the maximum amount being exceeded, New Fortress will accept the tendered notes for purchase using a proration rate of about 35.1% and subject to adjustment to maintain the notes’ authorized denomination.
The company will pay $1,005 per $1,000 note, inclusive of a $30 early tender payment only payable to holders who tendered their notes by the early deadline. Interest will also be paid.
As reported on March 5, the company announced it had increased the maximum principal amount it would purchase under the offer to $375 million from $250 million.
The offer is subject to a financing condition, namely the receipt of at least $750 million of proceeds from a new offering of senior secured notes.
The tender offer expires one minute after 5 p.m. ET on April 2.
However, due to the offer being fully subscribed as of the early tender date, no further notes will be accepted for purchase.
The final settlement date is on the calendar for April 3 though that is no longer relevant.
Morgan Stanley & Co. LLC is the dealer manager.
D.F. King & Co., Inc. is the information and tender agent for the offer (800 821-8781, nfe@dfking.com).
New Fortress is a New York-based integrated gas-to-power company.
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