NextDecade Corp

Rio Grande LNG, LLC is a liquefied natural gas project development company focused on the design, engineering, development, procurement, construction, installation, and operation of liquefied natural gas facilities. The company is structured as a Texas limited liability company and operates as a special purpose entity established to develop and operate the Rio Grande LNG project, a major infrastructure initiative in the liquefied natural gas sector.

The Rio Grande LNG project represents a significant undertaking in the energy infrastructure space, with the company organizing its operations around the development of LNG train facilities and associated common infrastructure at the Rio Grande Facility. The project involves multiple phases of development, including design and engineering work, procurement of specialized equipment, construction and installation of LNG processing and liquefaction facilities, and long-term operation and maintenance of the completed infrastructure.

The company's capital structure reflects the substantial financing requirements typical of major LNG infrastructure projects. The credit agreement detailed in this filing establishes a comprehensive financing framework with multiple tranches of construction and term loans, revolving credit facilities, and letter of credit arrangements. The financing syndicate includes major international financial institutions such as MUFG Bank, Mizuho Bank, JPMorgan Chase, HSBC, Royal Bank of Canada, and numerous other coordinating lead arrangers and global coordinators, demonstrating the project's significance and the confidence of major financial institutions in its viability.

Rio Grande LNG's business model centers on the development and operation of LNG infrastructure to support the liquefaction and export of natural gas. The company works within a complex regulatory and contractual framework that includes material project documents, offtake agreements, and various government approvals necessary for the operation of energy infrastructure facilities. The project's success depends on coordinated execution across multiple workstreams including construction management, regulatory compliance, operational readiness, and commercial arrangements with gas suppliers and LNG purchasers.