NextDecade is expected to receive about $21 million from the sale of Series B Convertible Preferred Stock. This transaction marks the sale of their remaining Series B Stock. The stock purchasers include HGC NEXT INV, LLC, Bardon Hill Investment Partners, LP, York Capital Management Global Advisors, LLC, and Valinor Management, LP.
While Bardon Hill, York, and Valinor were existing stockholders, NextDecade’s largest stockholders, HGC is a newcomer. HGC is a wholly owned subsidiary of a Korean petrochemical firm.
NextDecade’s stockholders aligned on terms of this sale back in 2018 and the transaction is expected to be completed on May 24, 2019. The proceeds are earmarked for continued investment in its Rio Grande LNG exporting as well as pipelines in South Texas. Additionally, the funds will support general operations.
