Höegh LNG Partners, a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd., announced the pricing of its initial public offering of 9,600,000 common units representing limited partner interests in the partnership at $20.00 per unit.
The partnership has also granted the underwriters a 30-day option to purchase up to 1,440,000 additional common units.
The common units being offered represent a 36.5% limited partner interest in the partnership, or a 42.0% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Höegh LNG Holdings Ltd. will own the partnership’s general partner and the remaining limited partner interest.
The common units are expected to begin trading on the New York Stock Exchange on August 7, 2014 under the symbol “HMLP”. The offering is expected to close on or about August 12, 2014, subject to customary closing conditions.
The partnership was formed to own, operate and acquire floating storage and regasification units, liquefied natural gas carriers and other LNG infrastructure assets under long-term charters. The partnership’s initial fleet will consist of interests in the following vessels: a 50% interest in the GDF Suez Neptune, a 50% interest in the GDF Suez Cape Ann and a 100% economic interest in the PGN FSRU Lampung.
Citigroup, BofA Merrill Lynch, Morgan Stanley, Barclays and UBS Investment Bank are acting as the joint book-running managers for the offering. DNB Markets, Credit Agricole CIB and RS Platou Markets AS are acting as co-managers.
Press Release, August 8, 2014; Image: Hoegh LNG