Höegh LNG Partners sells shares to fund FSRU acquisitions

Höegh LNG Partners sells shares to fund FSRU acquisitions
Image courtesy of Höegh LNG

Höegh LNG Partners on Thursday said it will offer 4 million shares to repay outstanding debt for the floating storage and regasification unit (FSRU) Höegh Gallant.

The partnership priced the 8.75 percent Series A preferred unit, representing limited partner interest, at $25 per unit.

The offering is expected to close on 5 October 2017, and the partnership has granted the underwriters a 30-day option to purchase up to an additional 600,000 Series A preferred units.

In addition to using the net proceeds to repay the approximately $34.4 million outstanding under the 8 percent seller’s credit note related to the FSRU Höegh Gallant acquisition, the net proceeds will be used for general partnership purposes and capital expenditures.

These may include the repayment of additional indebtedness or the funding of acquisitions. The acquisitions include the potential purchase of an additional 23.5 percent interest in the joint ventures that own and operate the FSRUs Neptune and GDF Suez Cape Ann and/or the potential purchase of the 49 percent interest in the owner of the entities that own and operate the FSRU Höegh Grace.

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >