NextDecade (NEXT) said Monday its wholly owned unit Rio Grande LNG Super entered into a credit agreement for a $175 million senior secured loan with General Atlantic Credit's Atlantic Park Fund.

Proceeds from the loan were disbursed Dec. 31, and will be used to repay outstanding borrowings under the NextDecade's existing $50 million revolving credit facility and $12.5 million interest-term loan, according to the company.

Additionally, the net proceeds will fund working capital and general corporate expenses including development expenses for expansion trains 4 and 5 at the Rio Grande LNG Facility.

NextDecade said it issued about 7.2 million warrants to General Atlantic Credit at closing, each exercisable for one share of NextDecade common stock for five years.

Half of the warrants are exercisable at $7.15 per share and the remaining at $9.30 per share, the company added.

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