New Fortress Energy Scraps $500 Million Loan in Overtime
- Firm founded by Wes Edens had sought loan within weeks of IPO
- Company cited credit deal’s restrictive terms and higher rate
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New Fortress Energy LLC scrapped a $500 million loan, citing the deal’s overly restrictive terms in a last-minute move that bewildered a number of investors who had committed to buy the debt.
Chief Executive Officer Wes Edens said on a conference call Monday he didn’t want the gas-to-power company to sail into a “debt-apocalypse” with the borrowing. The loan’s restrictive terms and high interest rate were reasons for pulling the deal, he said.