New Fortress Energy (NFE) Q2 2025 earnings summary

Capital allocation and financing

• On May 12, 2025, amendments were executed to the company’s Revolving Credit Agreement, Term Loan A Credit Agreement, and Uncommitted Letter of Credit and Reimbursement Agreement, each effective upon satisfaction of specified conditions.

• The amendments required the company to use proceeds from the Jamaica Business sale to prepay $270 million under the Revolving Credit Agreement and $55 million under the Term Loan A Credit Agreement.

• The amendments were executed by the company, its subsidiaries, and a syndicate of major lenders, including MUFG Bank, Morgan Stanley, Natixis, Goldman Sachs, and others.

• The amendments included releases and waivers by the company and its subsidiaries of any claims against the agents, lenders, and their affiliates related to the negotiation and execution of the amendments.

• The amendments reaffirmed the continuing validity and enforceability of all loan documents, as amended, and did not constitute a novation or substitution of existing obligations.

Significant events and developments

• The amendments were a condition to and executed substantially concurrently with the closing of the Jamaica Business sale to Excelerate Energy Limited Partnership.

• The amendments were designed to facilitate the application of asset sale proceeds to debt reduction and to align the credit agreements with the company’s current capital structure and liquidity needs.

• The amendments included technical and conforming changes to the credit agreements, including updated definitions and schedules.

• Completed sale of Jamaican operations, resulting in a $473 million gain.

• Executed new long-term shipping charters with EGAS and Energia 2000 S.A.

Notes to the financial statements

• The amendments included broad releases by the company and its subsidiaries of any claims against the agents, lenders, and their affiliates for actions or omissions relating to the negotiation and execution of the amendments, effective as of the amendment date.

• The amendments are governed by New York law and are considered “Loan Documents” under the respective credit agreements, with all related terms and provisions applying.