NFE · New Fortress Energy Inc. Series A Mandatorily Convertible Preferred Stock

New Fortress Energy Inc.'s indirect subsidiary NFE Brazil secured a critical $50 million bridge financing facility to support operations amid ongoing restructuring efforts. The senior secured term loan, provided by lenders with Wilmington Savings as agent, offers flexible multiple draws subject to customary conditions and carries a 10% PIK interest rate, allowing capitalization to preserve near-term liquidity. Collateral encompasses substantially all of NFE Brazil's assets, including a key pledge of its equity in Hygo Energy Transition Ltd., underscoring the facility's seniority in the capital structure. Maturity hinges on restructuring milestones tied to the RSA dated March 17, 2026, such as refinancing of the 15% notes due 2029 or the Restructuring Effective Date, with a hard stop no later than September 15, 2026, potentially extended to year-end. Crucially, amendments to both the RSA and the LCF Forbearance Agreement (related to the July 2021 Letter of Credit facility) secured consents from supporting creditors and forbearing lenders for the incurrence, liens, and proceeds use, including repaying CoreCo LNG payables from initial draws. This avoids covenant breaches and enables general corporate and operational funding. Negative covenants restrict dividends, new debt, liens, and affiliate transactions, while events of default cover non-payment, breaches, and insolvency, all with standard qualifiers. The bridge provides essential runway through restructuring, signaling creditor alignment but highlighting liquidity pressures and dependency on RSA progress.