The transaction is sourced from an SEC EDGAR Form 8-K filing published on July 12, 2023. Based on the facts provided, the deal's status is pending regulatory approval.
On the financial advisory side, MUFG Bank, Ltd. acted as financial advisor to NextDecade in connection with the debt financing component of the transaction, while Macquarie Capital (USA) Inc. acted as financial advisor to NextDecade in connection with the equity financing component, reflecting a split mandate across the two financing workstreams for the issuer.
On the legal side, Latham & Watkins LLP acted as lead outside counsel to NextDecade on the project financing transactions. Separately, a distinct set of legal advisors is identified for the investor group: Kirkland & Ellis LLP acted as legal counsel to GIP, Jones Day acted as legal counsel to TotalEnergies, Sidley Austin LLP acted as legal counsel to GIC, White & Case LLP acted as legal counsel to Mubadala, and Norton Rose Fulbright US LLP acted as legal counsel to the lenders, indicating a broad multi-party advisory structure across the equity investors and the lending group.
Beyond confirming that this is structured as a project financing paired with a joint venture equity investment, with a combined disclosed value of 18,400,000,000 dollars split across debt and equity financing components, no further detail on the specific allocation between the debt and equity pieces is included in the facts available.
Several elements of this deal remain undisclosed. No specific breakdown between the debt financing and equity financing portions of the 18,400,000,000 dollar disclosed value is given, and no expected closing date is provided. The facts also do not specify what regulatory approvals, if any, remain outstanding for this multi-party project financing.