NextDecade, LLC (“NextDecade”) announced today that it has
appointed Societe Generale and Macquarie Capital to act as joint
financial advisors in conjunction with the anticipated debt and
equity financing for the construction of its Rio Grande LNG and Rio
Bravo Pipeline projects.
“We are pleased to bring our expertise to NextDecade as they
move towards their final investment decision,” said Brent Wahl,
Senior Managing Director at Macquarie Capital. “NextDecade’s
commitment to proven technology along with their strong industry
and commercial relationships make Rio Grande an attractive LNG
project.”
Societe Generale and Macquarie Capital have each played
extensive roles advising and participating in debt and equity
financing for large-scale infrastructure and liquefied natural gas
(“LNG”) projects. To date, Societe Generale has acted as Joint Lead
Arranger in the financing and development of all LNG projects that
have been commissioned in North America. For two of these LNG
Projects, Societe Generale acted as Sole Financial Advisor and
assisted the sponsors in raising approximately $25 billion in
capital. Globally, Societe Generale has worked on over 45
transactions in the LNG sector. Macquarie Capital is a global
leader in infrastructure advisory with extensive experience in the
LNG sector, including raising over $3 billion of equity and
mezzanine financing on Freeport LNG (Trains 1 – 3) in Project
Finance International’s 2014 Deal of the Year (Americas).
NextDecade CFO Ben Atkins said, “Societe Generale and Macquarie
Capital’s combined experience and collaborative approach will help
ensure that NextDecade optimizes its cost of capital and minimizes
its execution risk.”
NextDecade submitted its pre-filing application for Rio Grande
LNG with the U.S. Federal Energy Regulatory Commission in March
2015 and its formal application was submitted in May 2016. The Rio
Grande LNG project is believed to be among the leaders of the
second wave of U.S. LNG export projects and is being permitted for
up to 6 liquefaction trains each with nominal output capacity of
4.5 million tons per annum (“MTPA”). In August 2016, NextDecade was
granted authorization to export up to 27 MTPA of LNG for a 30-year
term by the U.S. Department of Energy.
On April 18, 2017, NextDecade announced that it had entered into
a definitive merger agreement with Harmony Merger Corp. (NASDAQ:
HRMN, HRMNU, and HRMNW) (“Harmony”). Harmony is a publicly traded
special purpose acquisition company, whose objective is to take a
company public via a reverse merger. The proposed merger, which was
first announced on March 13, 2017, is expected to close late in the
second quarter of 2017.
About NextDecade, LLC
NextDecade, based in The Woodlands, Texas, is a developer of LNG
projects providing customers access to the full LNG value chain.
Founded in 2010, NextDecade has a team of industry leaders with
extensive experience in signing major LNG off-take deals, and
developing and managing LNG, FLNG, and FSRU projects, as well as
associated natural gas and electricity infrastructure around the
world. For more information, please visit www.next-decade.com.
About Rio Grande LNG, LLC
Rio Grande LNG is a proposed LNG export facility at the Port of
Brownsville, Texas. The project, planned for a 984-acre industrial
site, and the associated Rio Bravo Pipeline are in the midst of the
extensive Federal Energy Regulatory Commission (FERC) permitting
process. To date, NextDecade has signed 30 mtpa of non-binding
sales agreements for its Rio Grande LNG project and stands ready to
offer flexible solutions to both customers and producers. For more
information on the project, please visit www.riograndelng.com.
About Societe Generale
At the core of Societe Generale’s universal banking business
model, the Corporate & Investment Bank is a well-diversified
and leading player with approximately 12,000 professionals and a
commercial offer in 37 countries. Headquartered in Europe, Societe
Generale maintains offices in the Americas, Central and Eastern
Europe, the Middle East, Africa, and the AsiaPacific region.
Societe Generale supports its clients across various sectors,
offering bespoke financial solutions combining innovation, advisory
services and high execution quality in four areas of expertise:
investment banking, financing, market activities and investor
services.
About Macquarie Capital
Macquarie Group is a global provider of banking, financial
advisory, investment and funds management services with over 14,000
professionals and operations in 28 countries. Macquarie Capital
comprises Macquarie's corporate advisory, capital raising and
principal investing capabilities with expertise spanning a variety
of sectors. Macquarie Capital’s unrivalled global network of
relationships and focus on sourcing intelligent, client-centered
solutions has delivered exceptional results.
Macquarie Capital will lead the structuring and placement for
the project finance equity in each of NextDecade’s Rio Grande LNG
and Rio Bravo Pipeline projects. Macquarie acted as Financial
Advisor and debt and equity arranger for Freeport LNG (Trains 1 –
3) raising approx. $US15 billion in total, including approx. $11
billion for the first two trains in the world’s largest
non-recourse construction project financing in 2014, and approx.
$US4.5 billion for Train 3 in 2015.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words “believe”,
“expect”, “intend”, “plan”, “potential”, and similar expressions
are intended to identify forward-looking statements, and these
statements may relate to the merger transaction. These statements
involve a number of known and unknown risks, which may cause actual
results to differ materially from expectations expressed or implied
in the forward-looking statements. These risks include
uncertainties about NextDecade’s ability to complete the proposed
merger with Harmony; the development of the Rio Grande LNG export
project following completion of the proposed merger; and other
matters discussed in the “Risk Factors” section of Harmony’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2016,
and any updates thereto in subsequent reports filed with the
Securities and Exchange Commission (the “SEC”). The forward-looking
statements in this press release speak as of the date of this
release. Although NextDecade and/or Harmony may from time to time
voluntarily update prior forward-looking statements, they disclaim
any commitment to do so except as required by securities laws.
IMPORTANT INFORMATION FOR STOCKHOLDERS
This communication does not constitute an offer to buy or sell
or the solicitation of an offer to buy or sell any securities or a
solicitation of any vote or approval. In connection with Harmony’s
proposed Business Combination with NextDecade, Harmony intends to
file with the SEC a definitive proxy statement. The definitive
joint proxy statement for Harmony (if and when available) will be
mailed to stockholders of Harmony. HARMONY STOCKHOLDERS ARE URGED
TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED BUSINESS COMBINATION.
Harmony stockholders will be able to obtain free copies of these
documents (if and when available) and other documents containing
important information about Harmony and NextDecade, once such
documents are filed with the SEC through the website maintained by
the SEC at http://www.sec.gov. Copies of the documents filed with
the SEC by Harmony will be available free of charge on Harmony’s
internet website at www.harmonymergercorp.com or by contacting
Harmony using the contact information below.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170502005353/en/
For more information:NextDecadeMolly LeCronier,
+1-713-869-0707Ward for NextDecadeMLeCronier@wardcc.com
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