NextDecade Corp’s wholly owned subsidiary, Rio Grande LNG Super Holdings, has signed a credit agreement with General Atlantic Credit's (GA Credit) Atlantic Park Fund to provide a $175 mill senior secured loan.
Proceeds were disbursed at closing on 31st December, and net proceeds, after fees and related transaction expenses, will be used to repay outstanding borrowings under the company’s existing $50 mill revolving credit facility and $12.5 mill interest term loan, and to fund working capital and general corporate purposes, including development expenses for expansion Trains 4 and 5 at the Rio Grande LNG facility.
The senior loan matures six years from the closing date. Borrowings bear interest at 12%, with interest payable quarterly. Interest may be paid in-kind for the first two years after the closing date and then up to 50% paid in-kind thereafter.
Santander acted as exclusive financial advisor and Latham & Watkins acted as legal advisor to NextDecade.
Akin Gump Strauss Hauer & Feld and Baker Botts acted as legal advisors to GA Credit.
