The term loan facility has a three-year term, and loans issued under the facility will bear interest at an annual rate equal to LIBOR plus 6.25%, subject to a 1.50% LIBOR floor and annual increases in the interest rate spread.
New Fortress will use net proceeds of the loan to fund the development and construction of the company’s energy infrastructure projects around the world, and to repay its existing $500 million term loan facility in full.
“Apollo is pleased to support the growth of New Fortress Energy, a market-leader that is having a tangible impact on driving the transition to clean energy and whose business strategy closely aligns with our ESG commitment and goals,” said James Zelter, co-president of Apollo. “The New Fortress term loan is the latest example Apollo’s unique and flexible approach as a one-stop solutions provider powered by the speed, scale and proven reliability of its innovative direct lending platform.”
Apollo is a global alternative investment manager with assets under management of approximately $323 billion as of September 30, 2019 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.