Intel stock extends gains after report of possible U.S. government stake
New Fortress Energy Inc. (NASDAQ:NFE) announced Thursday it has entered into the Ninth Amendment to its Uncommitted Letter of Credit and Reimbursement Agreement with Natixis, New York Branch, and other lenders. The amendment, signed August 8, changes the facility from uncommitted to committed status and extends the maturity date to November 14, 2025. According to InvestingPro data, the company operates with a total debt of $9.63 billion and a concerning debt-to-equity ratio of 5.51x.
The amended agreement also introduces an asset sale sweep prepayment provision and makes changes to fees and pricing. According to the filing, total commitments under the facility were reduced to approximately $195 million and will be further reduced to about $155 million on October 5, 2025.
The information is based on a statement from the company’s filing with the Securities and Exchange Commission.
In other recent news, New Fortress Energy Inc. has signed a 5-year agreement with the Egyptian Natural Gas Holding Company to deploy a floating storage and regasification unit at Egypt’s LNG import terminal in Damietta. This marks the company’s second such unit in the country, set to begin operations as early as August 2025. In a different development, S&P Global Ratings downgraded New Fortress Energy to a ’CCC’ rating, citing concerns about refinancing risks and the company’s ability to manage upcoming debt maturities. Additionally, Puerto Rico’s financial oversight board rejected a proposed $20 billion natural gas supply contract involving New Fortress Energy, expressing concerns over potential monopolistic control and energy security risks.
Further, New Fortress Energy’s stock recently surged by 36% after securing a 15-year contract to supply liquefied natural gas to multiple power plants in Puerto Rico. This contract involves supplying fuel for the San Juan and Palo Seco plants, with possible expansion to other facilities. However, BTIG downgraded the company’s stock from Buy to Neutral, highlighting concerns over its debt structure. These developments reflect a mix of strategic expansions and financial challenges for New Fortress Energy.
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