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Excelerate said on Monday that the 2030 notes will be guaranteed by certain direct and indirect restricted subsidiaries of the issuer.
The notes are being offered in the United States only to persons reasonably believed to be qualified institutional buyers and to persons outside the US only in compliance with Regulation S under the Securities Act.
Excelerate said it intends to use the net proceeds from the offering, together with the net proceeds from the recent equity offering and cash on hand, to fund the previously announced pending acquisition of NFE’s business in Jamaica for $1.055 billion.
In addition, Exclerate also aims to repay the outstanding borrowings under the company’s term loan facility, which were $163.6 million as of December 31, 2024, and pay related fees and expenses.
Preliminary results
Excelerate also on Monday reported its preliminary estimated financial results for the first quarter ended March 31, 2025.
The firm said that its income before taxes is expected to be in the range of $52-59 million for the first quarter, while adjusted Ebitda is expected to be in the range of $96-101 million.
Exclerate said cash and cash equivalents are expected to be between $600-620 million as of March 31, 2025, which does not include approximately $175.5 million of net proceeds received on April 2 from the company’s public offering of Class A common stock.
The company added that all $350 million of the revolving credit facility was undrawn and available for borrowing as of March 31, 2025.
Excelerate operates ten FSRUs, one of the world’s largest fleets of such vessels, and these units are located worldwide.
Some FSRUs are located in Finland, Brazil, Dubai, Pakistan, while one FSRU will also start serving the second FSRU-based LNG import terminal in Germany’s Wilhelmshaven later this year.
In addition to these 10 FSRUs, Excelerate also ordered one 174,000-cbm FSRU at South Korea’s HD Hyundai Heavy Industries in 2022.
The firm also aims to buy an LNG carrier this year as part of its expansion plans.