New Issue: New Fortress Energy prices upsized $1 billion five-year notes at par to yield 6¾%

By Paul A. Harris

Portland, Ore., Aug. 19 – New Fortress Energy Inc. priced an upsized $1 billion issue of five-year senior secured notes (B1/B+) at par to yield 6¾% on Wednesday, according to market sources.

The issue size increased from $800 million.

The yield printed at the tight end of yield talk in the 6 7/8% area. Initial guidance was in the 7% area.

Morgan Stanley & Co. LLC is the bookrunner.

The New York-based energy infrastructure company plans to use the proceeds to pay off the $800 million outstanding under its credit agreement, with the remainder, if any, to be used for general corporate purposes, including financing operations. The additional proceeds resulting from the $200 million upsizing of the deal will be used to repay debt.

Issuer:	New Fortress Energy Inc.
Amount:	$1 billion, increased from $800 million
Maturity:	Sept. 15, 2025
Securities:	Senior secured notes
Bookrunner:	Morgan Stanley & Co. LLC (bill and deliver)
Co-managers:	Apollo Global Securities LLC, Barclays, BTIG LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Evercore Group LLC, JMP Securities LLC, Johnson Rice & Co. LLC, Scotia Capital (USA) Inc., Stifel Nicolaus & Co. Inc., Tuohy Brothers Investment Research Inc. and WR Securities LLC
Coupon:	6¾%
Price:	Par
Yield:	6¾%
Spread:	647 bps
First call:	Sept. 15, 2022 at 103.375
Trade date:	Aug. 19
Settlement date:	Sept. 2
Ratings:	Moody's: B1
	S&P: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	6 7/8% area
Marketing:	Roadshow

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