Excelerate Energy, Inc. announced that it has closed its acquisition of New Fortress Energy Inc.’s business in Jamaica.
Under the terms of the purchase agreement, Excelerate has acquired the assets and operations of the Montego Bay liquified natural gas (“LNG”) Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power plant.
Subsequent to the announcement of the Acquisition, the Company successfully raised approximately $1.0 billion in equity and debt financings to fund the Acquisition. In the second quarter of 2025, Excelerate completed an equity offering of eight million shares of Class A common stock at a price per share of $26.50 for $212 million of gross proceeds, inclusive of the greenshoe. Also in the second quarter, Excelerate closed an $800 million offering of 8.000% senior unsecured notes due in 2030.
In connection with the closing of the Acquisition, the maturity of Excelerate’s senior secured revolving credit facility (the “Credit Agreement”) was extended from March 2027 to March 2029 and the total capacity available for borrowing under the Credit Agreement was increased from $350 million to $500 million. Also concurrently with the closing of the Acquisition, the Company used proceeds from the notes offering to repay in full the existing term loan under the Credit Agreement.
“The closing of this acquisition represents a significant step forward in the execution of Excelerate’s downstream expansion strategy,” said Steven Kobos, President and CEO of Excelerate. “These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth. This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. We are confident that integrating this Jamaica platform will generate substantial value for our shareholders while advancing our mission to provide cleaner, more cost-effective natural gas solutions to the people of Jamaica.”
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