NextDecade Corp. is selling the rest of its series B convertible preferred stock to a subsidiary of Korean petrochemical company Hanwha General Chemical Co. Ltd. and its three largest shareholders for gross proceeds of about $21 million.

The LNG company agreed to sell its series B shares to HGC NEXT INV LLC, as well as funds and accounts managed by each of York Capital Management Global Advisors LLC, Valinor Management LP and Bardin Hill Investment Partners LP, according to a May 20 news release. The four companies participated in NextDecade's issuance of series A shares in August 2018.

NextDecade plans to use the proceeds from the transactions to continue developing its proposed Rio Grande LNG export facility in Brownsville, Texas, and related pipelines as well as for general corporate purposes and working capital. The deals are scheduled to close May 24.

The Rio Grande LNG facility has a proposed production capacity of 27 million tonnes of LNG per annum. The project's commercial operations are scheduled for 2023.