New Era Energy & Digital (NASDAQ:NUAI), a developer and operator of digital infrastructure and integrated power assets in the Permian Basin, has closed a $290 million senior secured term loan credit facility with Macquarie Group to support its flagship Texas Critical Data Center (TCDC) project.
The multi-tranche facility includes a $20 million Term Loan A-1, a $30 million Term Loan A-2, a $40 million Term Loan A-3, and a $200 million Delayed Draw Term Loan, which is subject to certain conditions. The loans are structured to mature three years from the closing date.
The proceeds from the facility will be used for general corporate purposes, including the acquisition, improvement, and equipping of properties related to the TCDC project, as well as potential repayment of existing debt.
In connection with the term loan, Macquarie will purchase $5 million in common stock of New Era at a 20% premium to the five-day volume weighted average price of the stock, and will also acquire warrants to purchase an additional $5 million in shares under similar terms.