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Dete, who along with Leandro Cunha and Jeremy Dawson has been jointly responsible for NFE’s business in Brazil (Hygo), has transitioned to an external role acting under a consulting agreement with the company on the Hygo business, NFE said in an SEC filling.
As a result, Dete will no longer serve as president of the company, effective January 2, 2025.
NFE said Leandro Cunha and Jeremy Dawson will continue in their leadership roles to be primarily responsible for the Hygo business, reporting to the company’s CEO, Wes Eden.
In October 2024, NFE appointed its managing director Dete to the role of president.
Dete joined the senior management team of NFE’s chairman and CEO Edens, general counsel Cameron MacDougall, and chief financial officer Chris Guinta.
“Andrew has been fundamental to NFE’s commercial growth and development over the past few years, and we are proud to formally appoint Andrew to the role of president as we see him as an integral part of NFE’s future,” Edens said at the time of the announcement.
NFE recently completed the second step of its previously announced $2.7 billion bond issue, as part of its plans to strengthen the company’s balance sheet.
As a result of these transactions, the company said it will achieve three key objectives.
These include refinancing $2.4 billion of NFE’s existing bonds, including all bonds maturing in 2025 and more than two-thirds of its outstanding bonds maturing in 2026 and 2029.
Moreover, the objectives include extending the maturity of $900 million of the company’s $1 billion revolving credit facility to October 2027 and raising about $325 million in gross proceeds to provide additional liquidity for the company.
The transaction, in combination with the $400 million common equity offering completed in September, marks an “important milestone” for NFE as it takes a “significant step forward in strengthening the company’s balance sheet and positioning the company for future sustained growth,” NFE said.
Seeking strategic partners
NFE is seeking strategic partners for one or more of its core businesses to boost the company’s liquidity.
The company has begun work to identify strategic partners for one or more of its primary businesses, including projects in Brazil, Puerto Rico, Jamaica, Mexico, Nicaragua, FLNG 1, and Klondike.
Edens said during the third-quarter earnings call in November lats year that NFE “believes that some of the parts of our businesses and units are worth significantly more than the current debt and equity levels of the company.”
“And so our focus is to close that gap by focusing on individual assets that can be capitalized, bringing partners, etc., to realize that value,” he said.