NextDecade announces amended credit agreement with new $50 million loan

NextDecade Corporation (NASDAQ:NEXT) disclosed Monday that its indirect subsidiary, Rio Grande LNG Super Holdings, LLC, entered into an amended and restated credit agreement with Atlantic Park Strategic Capital Master Fund II, L.P. and other lenders. The agreement, signed November 17, 2025, replaces a previous credit arrangement dated December 31, 2024, and amended May 14, 2025.

Under the revised terms, Super Holdings receives an incremental $50 million Series A term loan and recharacterizes $50 million of existing loan principal as Series A loans. These loans mature November 17, 2030, and carry an interest rate of 8.0% per annum, payable quarterly in cash or in kind, starting December 31, 2025. The principal and any paid-in-kind interest may be exchanged at any time before maturity for NextDecade common stock at $9.50 per share, subject to anti-dilution adjustments.

The remaining principal under the original agreement is now classified as Series B loans, with a maturity date of October 16, 2030, and an interest rate of 13.5% per annum. Prepayment terms for both loan series vary depending on timing, with make-whole premiums applying to early repayments.

The credit agreement includes covenants limiting additional indebtedness, investments, and certain equity transactions. The obligations are secured by pledges of equity interests and substantially all personal property of Super Holdings and its subsidiaries.

NextDecade also amended and restated previously issued common stock purchase warrants, extending their exercise periods to December 31, 2031, for Tranche A/B Warrants and May 14, 2032, for Tranche C Warrants. The company agreed to file a registration statement by May 14, 2026, to permit resale of shares issued upon exercise of these warrants and exchange rights. Lenders will have certain registration and block trade rights, along with customary indemnification provisions.

Additionally, NextDecade entered into an amended board observer and designation agreement with APSC II Holdco II, L.P., granting the right to nominate a board director in 2026 and appoint a board observer under specified loan conditions.

One lender, managed by Bardin Hill Investment Partners, LP, is affiliated with a NextDecade board member who did not participate in related discussions or approvals.

This information is based on a statement from the company’s SEC filing.

In other recent news, NextDecade Corporation has made significant strides in its Rio Grande LNG project by securing positive Final Investment Decisions (FIDs) for Trains 4 and 5. The company has successfully obtained approximately $13.4 billion in total project financing, with each train projected to cost $6.7 billion and expected to produce 6 million tonnes per annum of LNG. Train 4 is anticipated to be substantially completed in the second half of 2030, while Train 5 is expected in the first half of 2031. Additionally, NextDecade issued a full notice to proceed with the construction of Train 5, marking its second positive FID in just over a month. In other developments, the company announced the resignation of its Chief Financial Officer, Brent Wahl, effective October 20, 2025. Mike Mott, Senior Vice President of Enterprise Transformation, has been appointed as the Interim CFO. Wahl will continue to serve in a consulting capacity through the end of 2025 to aid in the transition.

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