NextDecade Corp. has agreed to sell series B convertible preferred stock to funds managed by BlackRock.
The investment by funds managed by BlackRock strengthens NextDecade’s capital position as it continues development of its Rio Grande LNG terminal facility and associated pipelines in South Texas.
“NextDecade’s Rio Grande LNG project is well positioned to capitalise on competitive advantages related to its proximity to abundant, associated natural gas reserves in the Permian Basin and Eagle Ford Shale,” said Pat Eilers, a Managing Director with BlackRock’s Infrastructure team.
NextDecade and certain funds managed by BlackRock entered into a series B convertible preferred stock purchase agreement, which has been approved by NextDecade’s board of directors. The company will hold a special meeting of stockholders in September 2018 to consider the issuance of series B convertible preferred stock pursuant to the series B stock purchase agreement.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/28082018/nextdecade-agrees-sell-convertible-preferred-stocks-funds-managed-blackrock/