New Fortress Energy (NFE) said Tuesday it has completed the first step in its issuance of $2.7 billion worth of new senior secured notes due 2029.

The first step was the funding of $1.2 billion in new senior secured notes while the second step will be the issuance and exchange of $1.5 billion in new senior secured notes, which is expected to close in the first week of December, for a total of $2.7 billion new notes to mature in November 2029, according to the company.

The deal will allow for the refinancing of $2.4 billion in existing bonds, extending the maturity of $900 million of the company's revolving credit facility to October 2027, and raising about $325 million in additional liquidity, New Fortress said.