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US LNG developer NextDecade plans merger and listing

14 Mar 2017, 8.20 pm GMT

US LNG developer NextDecade plans merger and listing

London, 14 March (Argus) — US LNG developer NextDecade has signed a preliminary agreement to merge with special purpose acquisition company Harmony with the aim of becoming a publicly listed company.

The deal would result in Harmony holding a 13.4pc share in NextDecade and the resulting company would be valued at over $1bn, NextDecade said.

NextDecade's main focus is developing the Rio Grande LNG export project near Brownsville, Texas with initial LNG export capacity of 9mn t/yr. The project would include the associated Rio Bravo pipeline that would bring feed gas from the nearby prolific Eagle Ford shale formation. A final investment decision is expected this year.

The eventual six train 27mn t/yr Rio Grande LNG project is scheduled to come on line in late 2020. It would cost about $23bn-27bn and need around 3.6bn ft³/d (102mn m³/d) of feedgas.

NextDecade is 62.9pc owned by a fund managed by York Capital Management, 19.4pc owned by funds managed by Valinor Management, 9.1pc owned by funds managed by Halcyon Funds and 8.6pc owned by NextDecade chief executive Kathleen Eisbrenner.

New York-listed Harmony is an acquisition company which currently has $117.5mn of cash in trust.

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