← New Era Energy & Digital · FinancingEdit
Standby letter of credit reimbursement agreement (Macquarie Bank Limited)
Oct 7, 2026 · ClosedTerms of issuance
Instrument
Other
Principal
$116.0M
Net proceeds
Coupon
12%
Issue date
Oct 7, 2026
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
106,559,339
Stock price / market cap (as of issue date)
$5.5 · $0.59 mkt cap
Use of proceeds
Credit support (standby letter of credit) for PowerCo's obligations under the TCDC Phase 1 power purchase agreement with Luminant ET Services Company LLC; initial cash collateral of about $118.3 million, of which $60.0 million funded with Term Loan A-2 and A-3 proceeds and about $58.3 million with cash on hand.
Other financing outstanding (excl. this instrument)
Equity purchase facility (Fourth A&R EPFA) — up to $1.0 billion of common stock (terminated) ($1.00B), Secured promissory note (shareholder loan from Joel Solis) ($4.0M), Amended and restated convertible promissory note (Zachary Yi Zhou shareholder loan) ($5.0M), Underwritten public offering of common stock at $3.35/share (incl. over-allotment) ($114.9M), Senior secured convertible promissory note issued to SharonAI (prepaid in full) ($50.0M), At-the-market equity program (up to $100 million of common stock) ($100.0M), Private placement of common stock (PIPE) - 23,272,727 shares at $2.75/share ($64.0M)
— of which existing debt
$1.34B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
none
Sources
ClosedNew Era Energy & Digital closes $290 million Macquarie project term loan for TCDC
Apr 8, 2026ClosedNew Era posts $116 million Macquarie letter of credit for TCDC power contract
Oct 7, 2026