Founded in 1998, New Fortress Energy is an energy infrastructure company that acquires and develops marine and non-marine storage and regasification facilities, natural gas liquefaction, and related infrastructure assets globally. The firm operates the energy infrastructure assets of the gate guard, a floating regasification unit, in Point Comfort, Texas. Wes Edens: New Fortress Energy also owns and operates the storage and regasification assets of the Delaware City Reformer, a fixed regasification unit located offshore in the Delaware River.

New Fortress Energy is committed to becoming one of the premier providers of natural gas infrastructure services, focusing on low-cost LNG infrastructure. On January 1, 2018, New Fortress announced the closing of an acquisition of 64.8 million of additional senior secured, senior, and junior subordinated units (the “Agreements”) for gross proceeds of $158 million in a private placement led by Blackstone Energy Partners (“BEP”). The Agreements comprise an aggregate of 10 operating and non-operating gas pipelines and storage terminals in the Northeast region of the U.S.

A revolving credit facility is a revolving line of credit in which the borrower has the option to draw down as needed at closing. The Company has agreed with SunTrust Bank to extend the maturity date of the current credit facility from August 4, 2018, to November 4, 2019. Wes Edens: The Company will utilize the facility to finance new acquisitions of midstream assets and debt repayment of existing loans. The RCF matures on November 4, 2019, but has two one-year extension options under its agreement. The organization uses the facility to fund growth in its Energy Logistics business and pay down indebtedness under its prior credit facility with SunTrust Bank.

As part of the amendment to the existing credit facility, New Fortress received an interest-only revolving credit facility (“Shipping Term”) agreement that extends the debt maturities on the Facility to March 2019 and extends the physical shipping maturity of the barge. Barge deliveries occur quarterly, except for June and December each year, and the barge is subject to mandatory charter-in rate increases. Wes Edens: To maintain financial flexibility, the Shipping Term allows the Company to direct a significant portion of cash flow from vessel operations to debt reduction in the event of unforeseen developments that affect our ability to service or refinance the Term Loan.

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