NEW Fortress will be transferring 11 of its vessels to a new joint venture with Apollo Global Management under a major financing deal. The companies said the new company - owned 80 by Apollo funds and 20 by New Fortress - is valued at about $2 billion, with a fleet of six floating storage and regasifica-tion units, two liquefied natural gas carriers and three floating storage units. As part of the deal, New Fortress will receive about $1.1 billion in proceeds, accounting for its share of the joint venture and repayment of existing debt. New Fortress will also charter 10 of the vessels for up to 20 years. The Apollo transaction was described as the final plank in a financing strategy that aims to capitalise on the company's existing power and marine assets, along with its positive cash flows, to build and deploy up to four floating LNG units without new debt or equity.
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