Published on 3/26/2021 in the Prospect News High Yield Daily.
New Issue: Fortress Energy prices $1.5 billion 5.5-year secured notes at par to yield 6½%
By Paul A. Harris
Portland, Ore., March 26 – New Fortress Energy Inc. priced a $1.5 billion issue of 5.5-year senior secured notes (B1/B+/BB-) at par to yield 6½% on Friday, according to market sources.
The yield printed at the wide end of the 6¼% to 6½% yield talk but on top of earlier guidance in the 6½% area.
Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. Goldman Sachs & Co. LLC was a joint bookrunner.
The New York-based energy infrastructure company plans to use the proceeds to fund the cash consideration of the acquisition of Golar LNG Partners LP, with any remaining proceeds to be used for general corporate purposes, including investments in developing projects.
| Issuer: | New Fortress Energy Inc.
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| Amount: | $1.5 billion
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| Maturity: | Sept. 30, 2026
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| Securities: | Senior secured notes
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| Left bookrunner: | Morgan Stanley & Co. LLC
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| Joint bookrunner: | Goldman Sachs & Co. LLC
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| Co-managers: | Barclays, BTIG LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Evercore, Fearnley, JMP Securities LLC, Johnson Rice, Scotia Capital (USA) Inc., Stifel Nicolaus & Col Inc., Tuohy and WR
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Spread: | 554 bps
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| First call: | March 31, 2023 at 103.25
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| Trade date: | March 26
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| Settlement date: | April 12
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| Ratings: | Moody's: B1
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| S&P: B+
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 6¼% to 6½%
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| Marketing: | Roadshow
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