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New Fortress Energy secures $800M term loan facility

New Fortress Energy LLC secured an $800 million, three-year term loan facility from funds and accounts handled by the affiliates of investment manager Apollo Global Management Inc.

Loans under the facility will accrue interest at an annual rate equal to the London interbank offered rate plus 6.25%, subject to a 1.50% London interbank offered rate floor and annual increases in the interest rate spread, according to a Jan. 13 news release.

New Fortress Energy will use the proceeds to develop and construct the company's LNG infrastructure projects and to repay in full its $500 million term loan facility.

New Fortress Energy, which went public in early 2019, builds and operates gas infrastructure and logistics and is majority-owned by a fund managed by private equity firm Fortress Investment Group LLC.