Latest news with #Excelerate
Zawya
6 days ago
- Business
- Zawya
African Bank's acquisition strategy strengthens business and commercial offerings
African Bank Holdings Limited (ABHL) has reported robust interim results for the six months ending 31 March 2025, with Group net profit after tax climbing 15% year-on-year to R202m. These results underscore the momentum of its Excelerate strategy, as the Group accelerates its evolution into a diversified, full-service bank catering to both personal and business clients. Chief executive officer Kennedy Bungane said the Group's performance affirms the strategic choices made in recent years and underscores a return to African Bank's original mission of financial inclusion. 'These results are more than a financial milestone, they mark a reaffirmation of purpose,' said Bungane. 'They show that our customer-first, innovation-led approach is reaching South Africans where it matters most. Whether it's a township entrepreneur accessing capital or a family investing in solar power, African Bank is delivering impact.' Net advances grew 20% to R39.1bn, with a strong 49% surge in Business and Commercial advances. The Bank also reported a solid 6% increase in its customer base to 6.1 million, driven by growth in both its Personal Banking and Alliance Banking platforms. 'Our shift toward a broader product mix, particularly into secured lending, is building resilience into our business while unlocking new revenue streams,' added Bungane. 'As we celebrate 50 years since our founding, we are actively shaping a future where more South Africans have access to the capital, tools and services they need to thrive.' Diversification drives growth African Bank's diversification drive includes the successful acquisition of Sasfin's capital equipment finance business, which follows last year's acquisition of its commercial property finance division. These additions strengthen the Bank's Business and Commercial proposition and expand its footprint in the SMME sector. The Group continues to maintain a healthy funding base, which grew by 8% to R36.3bn. Customer deposits remain the primary source of funding, comprising 91% of the total. The Group's total capital adequacy ratio stands at 28%, well above regulatory minimums. Non-interest income grew by 39% to R909m, driven by increased uptake of the Bank's digital offerings, including the MyWorld transactional account and credit-card services – demonstrating increasing trust in the Bank and its services. Credit impairment charges declined by 10%, bringing the credit loss ratio down to 5.3%, thanks to strengthened risk management and a shift towards secured lending. Chief financial officer Anbann Chetti said the results validate the Group's strategy and operational focus: 'Our Excelerate strategy is not only delivering earnings growth but also reshaping the fundamentals of our business. We are building a scalable, diversified, and future-ready financial institution that is creating real value for shareholders, employees and society.' As part of its Pre-IPO roadmap, African Bank launched its employee share ownership scheme, iKamva Lethu, allocating 10% of the bank's shares to staff. Additional broad-based empowerment initiatives, including a retail BEE offering and a management scheme, are under development. Looking ahead, African Bank will expand its secured lending offerings, launch a digital SMME lending platform, and invest further in digital infrastructure, compliance, and cybersecurity. Bungane concluded: 'This journey is about building a bank that belongs to South Africans, one that serves with integrity and purpose. As we prepare for a future listing, we remain guided by our founders' bold vision and the needs of the communities we serve.'
Yahoo
16-05-2025
- Business
- Yahoo
New Fortress completes Jamaica assets sale to Excelerate for $1.05bn
New Fortress Energy has completed the sale of its Jamaican assets and operations to Excelerate Energy for $1.05bn. The assets involved in the deal comprise New Fortress Energy's LNG import terminal in Montego Bay, an offshore floating storage and regasification terminal in Old Harbour, and a 150MW combined heat and power plant in Clarendon. New Fortress and Excelerate Energy signed a definitive agreement for the transaction in March 2025. The transaction aims to bolster Excelerate's position in the region while allowing New Fortress to reduce its corporate debt. Proceeds from the sale will be directed towards reducing New Fortress Energy's revolving credit facility by $270m and to pay off $55m of a Term Loan A facility, with any remaining funds being added to the company's cash reserves on the balance sheet. New Fortress Energy CEO and chairman Wes Edens said: 'The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the company as we streamline our operations and pay down corporate debt through asset sales. 'NFE has made a positive impact on Jamaica's energy transition, and we are proud of the contributions our world-class employees and assets have made in improving energy costs and reliability on the island. We are confident that Excelerate will continue NFE's vision of providing reliable and cost-effective energy to Jamaica and continue to drive substantial progress towards improving Jamaica's energy future.' To finance the acquisition, Excelerate Energy raised approximately $1bn through equity and debt financings. In the second quarter of 2025, the company completed an equity offering of eight million shares of Class A common stock at $26.5 per share, generating $212m in gross proceeds, including the greenshoe option. Additionally, Excelerate closed an $800m offering of 8% senior unsecured notes due in 2030. Excelerate CEO and president Steven Kobos said: 'The closing of this acquisition represents a significant step forward in the execution of Excelerate's downstream expansion strategy. These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth. 'This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. We are confident that integrating this Jamaica platform will generate substantial value for our shareholders while advancing our mission to provide cleaner, more cost-effective natural gas solutions to the people of Jamaica.' Excelerate Energy has also recently entered a memorandum of understanding (MOU) with Petrovietnam Gas. The MOU outlines collaboration between the two companies to secure a stable supply of LNG from the US, potentially commencing as early as 2026. "New Fortress completes Jamaica assets sale to Excelerate for $1.05bn" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Wire
14-05-2025
- Business
- Business Wire
Excelerate Energy Closes Acquisition of Integrated LNG and Power Platform in Jamaica
THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) ('Excelerate' or the 'Company') today announced that it has closed its acquisition of New Fortress Energy Inc.'s (Nasdaq: NFE) business in Jamaica (the 'Acquisition'). Under the terms of the purchase agreement, Excelerate has acquired the assets and operations of the Montego Bay liquified natural gas ('LNG') Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power plant. Subsequent to the announcement of the Acquisition, the Company successfully raised approximately $1.0 billion in equity and debt financings to fund the Acquisition. In the second quarter of 2025, Excelerate completed an equity offering of eight million shares of Class A common stock at a price per share of $26.50 for $212 million of gross proceeds, inclusive of the greenshoe. Also in the second quarter, Excelerate closed an $800 million offering of 8.000% senior unsecured notes due in 2030. In connection with the closing of the Acquisition, the maturity of Excelerate's senior secured revolving credit facility (the 'Credit Agreement') was extended from March 2027 to March 2029 and the total capacity available for borrowing under the Credit Agreement was increased from $350 million to $500 million. Also concurrently with the closing of the Acquisition, the Company used proceeds from the notes offering to repay in full the existing term loan under the Credit Agreement. 'The closing of this acquisition represents a significant step forward in the execution of Excelerate's downstream expansion strategy,' said Steven Kobos, President and CEO of Excelerate. 'These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth. This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. We are confident that integrating this Jamaica platform will generate substantial value for our shareholders while advancing our mission to provide cleaner, more cost-effective natural gas solutions to the people of Jamaica.' ABOUT EXCELERATE ENERGY Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of services, including floating storage and regasification units, LNG import infrastructure development, and LNG and natural gas supply. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, Rio de Janeiro, Singapore, and Washington, DC. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding our business strategy and plans, expansion plans and strategy, objectives of management for future operations, and expected benefits of the Acquisition, including its effects on our cash flows, shareholder value, and organic growth opportunities, are forward-looking statements. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including, but not limited to, the following: our ability to realize the anticipated benefits of the Acquisition; our ability to manage the risks of the Acquisition; and other risks, uncertainties and factors set forth in any of our filings with the Securities and Exchange Commission (the "SEC"). These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside our control. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that 'we believe' and similar statements reflect our beliefs and opinions on the relevant subject and based on information available to us as of the date of this press release. While we believe that the statements provided herein are supported by information obtained in a reasonable manner, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Business Wire
14-05-2025
- Business
- Business Wire
New Fortress Energy Completes Sale of Jamaica Assets & Operations to Excelerate Energy and Announces First Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (Nasdaq: NFE) ('NFE' or the 'Company') today announced the completion of the sale of its assets and operations in Jamaica to Excelerate Energy, Inc. (NYSE: EE) ('Excelerate') for $1.055 billion. The transaction was initially announced by NFE on March 27, 2025. Proceeds from the transaction will be used to reduce NFE's corporate debt and for general corporate purposes. Pursuant to the transaction, Excelerate Energy, Inc. has acquired full ownership of NFE's LNG import terminal in Montego Bay, offshore floating storage and regasification terminal in Old Harbour, and 150 MW Combined Heat and Power Plant in Clarendon, along with the associated infrastructure. 'The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the Company as we streamline our operations and paydown corporate debt through asset sales,' said Wes Edens, Chairman and CEO of New Fortress Energy. 'NFE has made a positive impact on Jamaica's energy transition, and we are proud of the contributions our world class employees and assets have made in improving energy costs and reliability on the island. We are confident that Excelerate will continue NFE's vision of providing reliable and cost-effective energy to Jamaica and continue to drive substantial progress towards improving Jamaica's energy future.' The Company today also reported its financial results for the first quarter of 2025. Adjusted EBITDA (1) of $82 million in the first quarter of 2025 Net loss of $197 million in the first quarter of 2025 EPS of $(0.73) on a fully diluted basis in the first quarter of 2025 Total cash balance of $827 million, of which $448 million is unrestricted as of March 31, 2025 Our first quarter 2025 Adjusted EBITDA of $82 million is entirely comprised of what we consider to be core earnings, which consist of earnings from our terminal and vessel operations without regard to any one-time gains that have benefited our results in prior periods. Other than the novation income that we earned last quarter, our revenue from terminal operations have been largely unchanged since the termination of our temporary power contract in the first quarter of 2024. As we have previously disclosed, we sold the emergency power plants to the Puerto Rico Electric Power Authority in March 2024 and no longer recognize revenue from the temporary power project. We are pursuing a request for equitable adjustment related to the early termination of the temporary power project. We have a number of notable one time events such as the FEMA claim, FSRU sub charters, and the Genera incentive payment that we expect will boost remaining earnings through 2025. We expect our core earnings to increase as our developments in Brazil, Nicaragua and expansions in Puerto Rico, come online (3). In Brazil, we have continued to make great progress on our power plant developments, with our 624 MW CELBA plant ~95% complete (3), and the adjacent PortoCem power plant that is over 50% complete (3). Both projects are on-time and on-budget and we expect to start generating earnings from the CELBA power plant in the third quarter of this year. These developments are fully funded with asset-level debt already in place. Our Fast LNG asset has been fully commissioned, and we are in the process of increasing available liquefaction capacity through optimization projects. We have just announced the closing of the sale of our Jamaican assets and operations to Excelerate Energy, Inc. for $1.055 billion, highlighting our near term focus on asset sales and corporate debt reduction. We've committed to use the proceeds of this transaction to pay down $270 million of our Revolving Credit Facility, and pay down $55 million of our Term Loan A facility, with remaining proceeds going to cash on our balance sheet. Following the sale of our Jamaica business, our plan is to simplify our balance sheet with a potential asset based financing with a similar structure to other liquefier financings and using our robust portfolio of LNG terminals and long term LNG supply and downstream demand contracts. Financial Detail Please refer to our Q1 2025 Investor Presentation (the 'Presentation') for further information about the following terms: 1)'Adjusted EBITDA,' see definition and reconciliation of this non-GAAP measure in the exhibits to this press release. 2) 'Total Segment Operating Margin' is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin, each as reported in our financial statements. Our segment measure also excludes unrealized mark-to-market gains or losses on derivative instruments, certain contract acquisition costs and deferred earnings from contracted sales for which a prepayment has been received. 3) "Completed", 'Placed into service' "Online" or similar statuses (either capitalized or lower case) with respect to a particular project means we expect gas to be made available in the near future, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational, Completion or Deployment date, and we may not generate any revenue until full commercial operations have begun. We cannot assure you if or when such projects will reach full commercial operation. Our ability to export liquefied natural gas depends on our ability to obtain export and other permits from governmental and regulatory agencies. No assurance can be given that we will receive required permits, approvals and authorizations from governmental and regulatory agencies in connection with the exportation of liquefied natural gas on a timely basis or at all or that, once received, we will be able to maintain in full force and effect, renew or replace such permits, approvals and authorizations. Preliminary Results The company's actual operating results remain subject to the completion of its quarter-end closing process, which includes review by management and the Audit Committee of the company's Board of Directors. While carrying out such procedures, the company may identify items that would require it to make adjustments to the preliminary estimates of the results set forth herein. As a result, the company's actual results could differ from the preliminary results set forth herein and such differences could be material. The information presented herein should not be considered a substitute for the financial information the company files with the Securities and Exchange Commission in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025. The company has no intention or obligation to update the preliminary estimates of operating results set forth above prior to the release of its consolidated financial statements as of and for the three months ended March 31, 2025. Additional Information For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy's website, and the Company's most recent Annual Report on Form 10-K, which is available on the Company's website. Nothing on our website is included or incorporated by reference herein. Earnings Conference Call Management will host a conference call on Wednesday, May 14, 2025 at 4:30 P.M. Eastern Time. The conference call may be accessed by dialing (888) 256-1007 (toll free from within the U.S.) or +1-323-701-0225 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference 'NFE First-Quarter 2025 Earnings Call' or conference code 8378656. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at under the Investors section within 'Events & Presentations.' Please allow time prior to the call to visit the site and download any necessary software required to listen to the internet broadcast. A replay of the conference call will be available at the same website location shortly after the conclusion of the live call. About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world's transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company's assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. Cautionary Statement Concerning Forward-Looking Statements This press release contains certain statements and information that may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as 'expects,' 'may,' 'will,' 'can,' 'could,' 'should,' 'predicts,' 'intends,' 'plans,' 'estimates,' 'anticipates,' 'believes,' 'schedules,' 'progress,' 'targets,' 'budgets,' 'outlook,' 'trends,' 'forecasts,' 'projects,' 'guidance,' 'focus,' 'on track,' 'goals,' 'objectives,' 'strategies,' 'opportunities,' 'poised,' or the negative version of those words or other comparable words. Forward looking statements include statements regarding the transaction, including deleveraging following the closing of the transaction and other anticipated benefits from the transaction. These forward-looking statements are based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company's control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: our strategy and plans for the Company, including the structure, form, timing and nature of the Company's business in the future and characteristics of the business going forward; risks related to the development, construction, completion or commissioning schedule for the facilities; risks related to the operation and maintenance of our facilities and assets; failure of our third-party contractors, equipment manufacturers, suppliers and operators to perform their obligations for the development, construction and operation of our projects, vessels and assets; our ability to implement our business strategy; our capital allocation plans, as such plans may change including with respect to de-leveraging actions; operational execution by our businesses; changes in law, economic and financial conditions, including the effect of enactment of U.S. tax reform or other tax law changes, trade policy and tariffs, interest and exchange rate volatility, commodity and equity prices and the value of financial assets; the other factors that are described in "Forward-Looking Statements" in the Company's most recent earnings release or SEC filings; and the other factors that are described in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated in our Quarterly Reports on Form 10-Q. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Company's forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise any forward-looking statements, even though our situation may change in the future or we may become aware of new or updated information relating to such forward-looking statements. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.'s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement. Exhibits – Financial Statements Adjusted EBITDA For the three months ended March 31, 2025 (Unaudited, in thousands of U.S. dollars) Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income from operations, net income, cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall operation of our business in evaluating the effectiveness of our ongoing operating performance in a manner that is consistent with metrics used for management's evaluation of our overall performance and to compensate employees. We believe that Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation, and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, we exclude certain items from our SG&A not otherwise indicative of ongoing operating performance. We calculate Adjusted EBITDA as net income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, net, other (income) expense, net, loss on extinguishment of debt, changes in fair value of non-hedge derivative instruments and contingent consideration, tax expense, and adjusting for certain items from our SG&A not otherwise indicative of ongoing operating performance, including non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure, certain non-capitalizable contract acquisition costs plus our pro rata share of Adjusted EBITDA from certain unconsolidated entities, less the impact of equity in earnings (losses) of certain unconsolidated entities. Adjusted EBITDA is mathematically equivalent to our Total Segment Operating Margin, as reported in the segment disclosures within our financial statements, minus Core SG&A, including our pro rata share of such expenses of certain unconsolidated entities, minus deferred earnings for which a prepayment was received. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost of exploring new business opportunities and expenses associated with changes to our corporate structure. Core SG&A excludes certain items from our SG&A not otherwise indicative of ongoing operating performance. The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA does not have a standardized meaning, and different companies may use different Adjusted EBITDA definitions. Therefore, Adjusted EBITDA may not be necessarily comparable to similarly titled measures reported by other companies. Moreover, our definition of Adjusted EBITDA may not necessarily be the same as those we use for purposes of establishing covenant compliance under our financing agreements or for other purposes. Adjusted EBITDA should not be construed as alternatives to net income and diluted earnings per share attributable to New Fortress Energy, which are determined in accordance with GAAP. The following table sets forth a reconciliation of net income to Adjusted EBITDA for the three months ended March 31, 2024, December 31, 2024 and March 31, 2025: Segment Operating Margin (Unaudited, in thousands of U.S. dollars) Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net income, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, other (income) expense, loss on extinguishment of debt, net, (income) loss from equity method investments and tax (benefit) provision. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements. (1) Consolidation and Other adjusts for deferred earnings that were included in Terminals and Infrastructure in the prior quarters, but were recognized as revenue during the fourth quarter of 2024. Expand Condensed Consolidated Balance Sheets For the three months ended March 31, 2025 and 2024 (Unaudited, in thousands of U.S. dollars, except share and per share amounts) March 31, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 447,862 $ 492,881 Restricted cash 379,537 472,696 Receivables, net of allowances of $13,322 and $13,629, respectively 273,136 335,813 Inventory 66,695 103,224 Assets held for sale - current 104,553 — Prepaid expenses and other current assets, net 201,925 205,496 Total current assets 1,473,708 1,610,110 Construction in progress 3,901,113 3,574,389 Property, plant and equipment, net 5,545,980 5,842,807 Right-of-use assets 465,939 618,733 Intangible assets, net 188,118 179,510 Goodwill 594,256 766,350 Deferred tax assets, net 6,848 2,698 Assets held for sale - non-current 633,654 — Other non-current assets, net 218,464 272,899 Total assets $ 13,028,080 $ 12,867,496 Liabilities Current liabilities Current portion of long-term debt and short-term borrowings $ 260,848 $ 539,132 Accounts payable 655,073 473,736 Accrued liabilities 268,083 391,359 Current lease liabilities 82,442 128,362 Liabilities held for sale - current 35,894 — Other current liabilities 171,342 174,829 Total current liabilities 1,473,682 1,707,418 Long-term debt 8,931,506 8,355,703 Non-current lease liabilities 355,050 475,161 Deferred tax liabilities, net 51,359 73,198 Liabilities held for sale - non-current 135,398 — Other long-term liabilities 168,851 166,358 Total liabilities 11,115,846 10,777,838 Commitments and contingencies (Note 20) Series B convertible preferred stock, $0.01 par value, 36,746 shares authorized, issued and outstanding as of March 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $36,746 and $96,746 at March 31, 2025 and December 31, 2024 40,708 90,570 Stockholders' equity Class A common stock, $0.01 par value, 750 million shares authorized, 273.8 million issued and outstanding as of March 31, 2025; 266.5 million issued and outstanding as of December 31, 2024 2,738 2,664 Additional paid-in capital 1,722,829 1,674,312 Retained earnings (accumulated deficit) (3,766 ) 196,363 Accumulated other comprehensive income 26,671 3,089 Total stockholders' equity attributable to NFE 1,748,472 1,876,428 Non-controlling interest 123,054 122,660 Total stockholders' equity 1,871,526 1,999,088 Total liabilities and stockholders' equity $ 13,028,080 $ 12,867,496 Expand
Business Wire
01-05-2025
- Business
- Business Wire
Excelerate Energy Announces Full Exercise and Closing of Option to Purchase Shares
THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) ('Excelerate' or the 'Company') today announced that the underwriters of its previously announced underwritten registered public offering of 6,956,522 shares of Class A common stock have fully exercised their option to purchase an additional 1,043,478 shares of its Class A common stock at the public offering price per share of $26.50, less the underwriting discounts and commissions, resulting in estimated additional net proceeds of $26.4 million to the Company before deducting offering expenses. The exercise of the underwriters' option closed on May 1, 2025. Barclays and Morgan Stanley acted as lead book-running managers. Credit Agricole CIB, DNB Markets, Jefferies and Wells Fargo Securities acted as joint book-running managers. BNP PARIBAS and Raymond James acted as co-managers. The shares described above were offered by the Company pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-271850), as amended, including a base prospectus, that was previously filed by the Company with the Securities and Exchange Commission (the 'SEC') and that was declared effective by the SEC on May 24, 2023. A final prospectus relating to the offering was filed with the SEC and may be obtained by contacting: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, emailing Barclaysprospectus@ or calling (888) 603-5847; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company's common stock or any other security, nor is there any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. ABOUT EXCELERATE ENERGY, INC. Excelerate Energy, Inc. is a U.S.-based liquified natural gas ('LNG') company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of services, including floating storage and regasification units, LNG import infrastructure development, and LNG and natural gas supply. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, Rio de Janeiro, Singapore, and Washington, DC.
