New Era Energy & Digital, a developer and operator of next-generation digital infrastructure and integrated power assets in the Permian Basin, through its subsidiary, Texas Critical Data Centers, entered into a definitive term loan agreement establishing a senior secured term loan credit facility of up to $290 million with the commodities and global markets business, a division of Macquarie Group.
The term loan establishes a project level financing vehicle to support development of the project and is structured in multiple tranches: a $20 million committed term loan A-1, a $30 million term loan A-2, a $40 million term loan A-3 and a $200 million delayed draw term loan, subject to the satisfaction of certain conditions precedent. The term loans mature on the three-year anniversary of the closing date.
The proceeds of the term loan will be used for general corporate purposes, including the funding of acquisition, improvement and equipping of properties for the TCDC project, general corporate purposes and the potential repayment of existing indebtedness.
In connection with the term loan, Macquarie will purchase $5 million in shares of common stock of the company at a purchase price per share equal to a 20% premium to the 5-day volume weighted average price of the company’s common stock at issuance. Based on the closing price of the company’s stock on April 7, 2026, this amounts to a purchase price per share of $5.00. Additionally, the company will sell to Macquarie warrants to purchase up to $5 million of shares of common stock of the company at an exercise price equal to a 20% premium to the 5-day volume weighted average price of the company’s common stock at issuance, subject to a floor price of $4.30. The initial tranche of warrants will have an exercise price of $5.00. Warrants will be issued pro-rata across the first $50 million drawn on the facility.
Vinson & Elkins acted as legal counsel to the company. Latham & Watkins acted as legal counsel to Macquarie. Northland Capital Markets acted as capital markets advisor to the company.
