NextDecade Agrees to Sell Remainder of Series B Convertible Preferred Stock

//NextDecade Agrees to Sell Remainder of Series B Convertible Preferred Stock

NextDecade Agrees to Sell Remainder of Series B Convertible Preferred Stock

Issuance of approximately $21 million previously authorized by the stockholders

HOUSTON, Texas, USA (May 20, 2019) — NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced today that it has agreed to sell the remainder of its Series B Convertible Preferred Stock (Series B) to HGC NEXT INV, LLC (HGC) and to funds and accounts managed by each of York Capital Management Global Advisors, LLC (York), Valinor Management, L.P. (Valinor), and Bardin Hill Investment Partners LP (Bardin Hill). Gross proceeds from the transactions are approximately $21 million.

HGC is a wholly owned subsidiary of a leading Korean petrochemical company. York, Valinor, and Bardin Hill are NextDecade’s three largest stockholders. Each of HGC, York, Valinor, and Bardin Hill were participants in NextDecade’s Series A Convertible Preferred Stock issuance in August 2018.

The Series B investments announced today will be made on the terms approved by NextDecade’s stockholders in September 2018. The transactions are expected to close on May 24, 2019.

NextDecade intends to use the proceeds from these Series B investments to continue developing its Rio Grande LNG export project and associated pipelines in South Texas and for general corporate purposes and working capital.

Contacts:

Investors:
ir@next-decade.com | + 1 (832) 910 8629
Media:
communications@next-decade.com | + 1 (281) 249 5453
2019-05-20T07:24:08-05:00 May 20th, 2019|Press Release|