August 20, 2018 [Tank News International] - NextDecade Corporation has agreed to sell $50m of convertible preferred stock and plans to use the proceeds to continue with the development of its 27 Mtpa LNG export facility in Texas.
HGC, a wholly owned subsidiary of a leading Korean petrochemical company, will invest $35m, and the company’s three largest stockholders, York, Valinor, and Halcyon, will invest $15m pursuant to backstop agreements dated April 11, 2018.
The company intends to use some of the proceeds to continue developing its Rio Grande LNG terminal facility and associated pipelines in South Texas and for general corporate purposes and working capital.
The project consists of a 27 Mtpa LNG export facility located in Brownsville, Texas and an associated 4.5 Bcf/d Rio Bravo Pipeline to transport natural gas from the Agua Dulce area to Rio Grande LNG.
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