
	September 30, 2023		December 31, 2022
Senior Secured Notes, due September 2025	$	1,245,069	$	1,243,351
Senior Secured Notes, due September 2026	1,484,944		1,481,639
Vessel Financing Obligation, due August 2042	1,369,701		1,406,091
Revolving Facility	866,600		—
Bridge Term Loan, due August 2024	391,764		—
South Power 2029 Bonds, due May 2029	216,782		216,177
Equipment Notes, due July 2026	195,399		—
Barcarena Term Loan, due February 2024	198,725		194,427
EB-5 Loan, due July 2028	37,256		—
Short-term Borrowings	161,835		—
Total debt	$	6,168,075	$	4,541,685
Current portion of long-term debt and short-term borrowings	$	270,547	$	64,820
Long-term debt	5,897,528		4,476,865

Long-term debt is recorded at amortized cost on the condensed consolidated balance sheets. The fair value of the Company's long-term debt is $6,014,096 and $4,327,311 as of September 30, 2023 and December 31, 2022, respectively, and is classified as Level 2 within the fair value hierarchy.

Subsequent to September 30, 2023, the Company entered into the BNDES Credit Agreement, Barcarena Debentures and Term Loan B Credit Agreement (each defined and described in Note 24. Subsequent events). Proceeds from these new credit arrangements have been or will be used to refinance the Bridge Term Loan and the Barcarena Term Loan on a long term basis, and as such, these principal balances have been shown as non-current on the condensed consolidated balance sheets as of September 30, 2023.

The terms of the Company's debt instruments have been described in the Annual Report on Form 10-K. Significant changes to the Company's outstanding debt are described below.

In April 2021, the Company entered into a $200,000 senior secured revolving credit facility (the "Revolving Facility"). The borrowings under the Revolving Facility bear interest at a Secured Overnight Financing Rate ("SOFR") based rate plus a margin based upon usage of the Revolving Facility. The Revolving Facility will mature in 2026 if the 2025 Notes (as

defined in the Annual Report) are refinanced prior to maturity, with the potential for the Company to extend the maturity date of the Revolving Facility once for a one-year increment; if not, the Revolving Facility becomes due approximately 60 days prior to the maturity of the 2025 Notes. Borrowings under the Revolving Facility may be prepaid, at the option of the Company, at any time without premium.

In 2022, the Revolving Facility was amended twice to increase the borrowing capacity by a total of $240,000, and in first three quarters of 2023, the Company entered into amendments which increased the borrowing capacity by $426,600, for a total capacity of $866,600. The amendments did not impact the interest rate or term of the Revolving Facility, and no deferred costs were written off. During the first nine months of 2023, the Company drew $866,600 from the Revolving Facility, which is outstanding as of September 30, 2023.

The Company incurred $5,398 in origination, structuring and other fees, associated with entry into the Revolving Facility, which includes additional fees to expand the facility in 2022. During the first three quarters of 2023, the Company incurred an additional $7,027 in fees in relation to the 2023 amendments. These costs have been capitalized within Other non-current assets on the condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, total remaining unamortized deferred financing costs for the Revolving Facility was $10,167 and $5,172, respectively.

The obligations under the Revolving Facility are guaranteed by certain of the Company's subsidiaries. The Company is required to comply with covenants under the Revolving Facility and letter of credit facility, including requirements to maintain Debt to Capitalization Ratio of less than 0.7:1.0, and for quarters in which the Revolving Facility is greater than 50% drawn, the Debt to Annualized EBITDA Ratio must be less than 5.0:1.0 for fiscal quarters ending December 31, 2021 until September 30, 2023 and less than 4.0:1.0 for the fiscal quarter ended December 31, 2023 and onwards. The Company was in compliance with all covenants as of September 30, 2023.

On August 3, 2023, the Company entered into a Bridge Term Loan Credit Agreement (the “Bridge Term Loan Agreement”) pursuant to which the lenders funded term loans (the “Bridge Term Loans”) to the Company in an aggregate principal amount of $400,000. Bridge Term Loan proceeds may be used for working capital and other general corporate purposes. The Bridge Term Loans were to mature on August 1, 2024 and were payable in full on the maturity date. The Bridge Term Loans were repaid in full without penalty using proceeds from the Term Loan B which closed after September 30, 2023 (See Note 24. Subsequent events).

The Bridge Term Loans were guaranteed on a senior secured basis by each domestic and foreign subsidiary that is a guarantor under the 2025 Notes, 2026 Notes and Revolving Facility (each as defined in the Annual Report). The Bridge Term Loans were secured by substantially the same collateral as the first lien obligations under the 2025 Notes, 2026 Notes and Revolving Facility. The Bridge Term Loan Agreement contained usual and customary representations and warranties, and usual and customary affirmative and negative covenants, including requirements to maintain certain levels of total debt to capitalization and total first lien debt to EBITDA, and the ratios required to be maintained were consistent with the requirements under the Revolving Facility.

The Bridge Term Loans bore interest at a per annum rate equal to Adjusted Term SOFR (as defined in the Bridge Term Loan Agreement) plus 3.50%. The Company incurred $9,628 in origination, structuring and other fees, associated with entry into the Bridge Term Loans Facility. As of September 30, 2023, total remaining unamortized deferred financing costs for the Bridge Term Loans was $8,236.

In June 2023, the Company executed a Master Loan and Security Agreement with a lender to borrow up to $200,000 under promissory notes secured by certain turbines acquired in the first quarter of 2023 to support our grid stabilization project in Puerto Rico (the “Equipment Notes”). During the second and third quarters of 2023, the Company borrowed the full

capacity bearing interest at approximately 7.7%, and the principal is partially repayable in monthly installments over the 36 month term of the loan with the balance due upon maturity in July 2026.

The Equipment Notes contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The Equipment Notes do not contain any restrictive financial covenants.

Proceeds received were net of upfront fees due to the lender, and through September 30, 2023, the Company has incurred $2,516 in origination, structuring and other fees, associated with entry into the Equipment Notes. As of September 30, 2023, total remaining unamortized deferred financing costs for the Equipment Notes was $2,423.

On July 21, 2023, the Company entered into a loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development and construction of a new green hydrogen facility in Texas. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $100,000, and outstanding borrowings bear interest at a fixed rate of 4.75%. The loan matures in 5 years from the initial advance with an option to extend the maturity by two one-year periods. It is expected that the loan will be secured by NFE's green hydrogen facility, and NFE has provided a guarantee of the obligations under the EB-5 Loan Agreement. In the third quarter of 2023, $37,928 was funded under the EB-5 Loan Agreement.

The EB-5 Loan Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The EB-5 Loan Agreement does not contain any restrictive financial covenants.

The Company has incurred $693 in origination, structuring and other fees, associated with entry into the EB-5 Loan Agreement. As of September 30, 2023, total remaining unamortized deferred financing costs for the EB-5 Loan Agreement was $672.

The Company may, from time to time, enter into sales and repurchase agreements with a financial institution, whereby the Company sells to the financial institution an LNG cargo and concurrently enters into an agreement to repurchase the same LNG cargo immediately with the repurchase price payable at a future date, generally not to exceed 90-days from the date of the sale and repurchase (the “Short-term Borrowings”). As of September 30, 2023, the Company had $161,835 due under repurchase arrangements with a weighted average interest rate of 9.74%.

Interest and related amortization of debt issuance costs, premiums and discounts recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the three and nine months ended September 30, 2023 and 2022 consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest per contractual rates	$	89,908	$	58,740	$	229,327	$	174,751
Interest expense on Vessel Financing Obligation	52,373		29,340		159,168		29,340
Amortization of debt issuance costs, premiums and discounts	4,777		2,583		11,520		8,376
Interest expense incurred on finance lease obligations	1,080		208		2,766		655
Total interest costs	$	148,138	$	90,871	$	402,781	$	213,122
Capitalized interest	83,316		27,283		201,890		56,778
Total interest expense	$	64,822	$	63,588	$	200,891	$	156,344

Interest expense on the Vessel Financing Obligation includes non-cash expense of $37,285 and $119,648 for the three and nine months ended September 30, 2023 related to payments received by Energos from third-party charterers.