By Ben Glickman


NG Energy International on Thursday named Chair Brian Paes-Braga as its next chief executive and announced a new financing deal with Macquarie Group.

The Toronto-based natural gas exploration and production company said that current CEO Serafino Iacono, who has served in the role since 2019, would become co-chairman of the board, alongside Paes-Braga.

The change in leadership will become effective on the closing date of the financing deal.

The deal will include $50 million in committed funding and $50 million in uncommitted funding. Most of the committed portion of the financing would be advanced to the company.

NG Energy said it would use the proceeds to simplify its capital structure and reduce debt. Proceeds would also go toward guaranteeing work commitment under certain contracts and for general corporate purposes.


Write to Ben Glickman at ben.glickman@wsj.com


(END) Dow Jones Newswires

02-08-24 1518ET