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Archaea Obtains Binding Commitments from Five Financial Institutions for Incremental Term Loan and Revolving Credit Facility Capacity

By: via Business Wire

Binding commitments received to upsize total commitments under Revolving Credit and Term Loan Agreement by approximately $450 million to at least $920 million

Archaea Energy Inc. (“Archaea,” “the Company,” or “we”) (NYSE: LFG), an industry-leading renewable natural gas (“RNG”) company, today announced that one of its subsidiaries has obtained binding commitments from five financial institutions to amend its Revolving Credit and Term Loan Agreement to, among other things, increase aggregate total commitments by approximately $450 million to a total of at least $920 million. The amended and upsized facilities are expected to include an approximately $400 million senior secured term loan credit facility and an approximately $520 million senior secured revolving credit facility (together, the “Amended Facilities”).

Available capacity under the Amended Facilities is expected to be used to finance a portion of the Company’s expected capital expenditures related to its development projects, permitted acquisitions, fees, costs, and expenses related to the Amended Facilities, working capital, and for other general corporate purposes. As a result of significantly expanding and accelerating the pace of developing its project backlog, the Company continues to expect to enter into one or more capital markets or private financing transactions to fund expected capital expenditures.

Among the financial institutions making binding commitments, Comerica Bank (through its Renewable Energy Solutions group) will act as Administrative Agent. Comerica Bank, Citizens Bank, N.A., Bank of Montreal, Chicago Branch, and JPMorgan Chase Bank, N.A. will act as joint lead arrangers and joint bookrunners. Additionally, Citigroup Global Markets Inc. (“CGMI”), on behalf of CGMI, Citibank, N.A., Citicorp North America, Inc., and their affiliates will act as a co-syndication agent.

The financial institutions expect to enter into a syndication process for the Amended Facilities including the Company’s existing bank group and potential new lenders. The amendment and final determination of sizing of the Amended Facilities is expected to be completed before June 30, 2022.

ABOUT ARCHAEA

Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry-leading platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, faster project timelines, and lower development costs. Archaea partners with landfill and farm owners to help them transform potential sources of emissions into RNG, transforming their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels.

Additional information is available at www.archaeaenergy.com.

FORWARD-LOOKING STATEMENTS

This release contains certain statements that may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that do not relate strictly to historical or current facts are forward-looking and usually identified by the use of words such as “anticipate,” “estimate,” “could,” “would,” “should,” “will,” “may,” “forecast,” “approximate,” “expect,” “project,” “intend,” “plan,” “believe” and other similar words. Forward-looking statements may relate to expectations for future financial performance, business strategies or expectations for Archaea’s business. Specifically, forward-looking statements may include statements concerning the expected closing of the Amended Facilities, the expected use of proceeds therefrom and the expected size thereof. Forward looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of Archaea, and such statements involve known and unknown risks, uncertainties and other factors.

The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to, the ability to meet the conditions to closing the Amended Facilities; general economic conditions and the possibility that Archaea may be adversely affected by general economic, business and/or competitive factors; and other risks and uncertainties indicated in Archaea’s Annual Report on Form 10-K for the year ended December 31, 2021 and Archaea’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, including those under “Risk Factors” therein, and other documents filed or to be filed by Archaea with the Securities and Exchange Commission.

Accordingly, forward-looking statements should not be relied upon as representing Archaea’s views as of any subsequent date. Archaea does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

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