Höegh LNG : Avenir LNG Limited private placement successfully completed
Hamilton, Bermuda, 13 November 2018 - Reference is made to the stock exchange release on 1 October 2018 where Stolt-Nielsen Limited, Golar LNG Limited and Höegh LNG Holdings Limited (collectively the ‘Sponsors’) announced a combined investment commitment of USD 182 million in Avenir LNG Ltd (‘Avenir’ or the ‘Company’) and a contemplated subsequent equity raise in the Company (the ‘Private Placement’). The investment will be contributed as cash and equity-in-kind and will partly fund the construction of four 7,500cbm small-scale LNG carriers currently under construction at Keppel Singmarine in Nantong, China, two 20,000cbm small-scale LNG carriers on order from Sinopacific Offshore Engineering in Nantong, China and 80% ownership in an LNG terminal and distribution facility under development in the Italian port of Oristano, Sardinia.
Avenir LNG has the ambition to become the leading provider of small scale LNG for the Power, Bunkering, Trucking and Industrial markets through supplying low-cost LNG using innovative technology and leveraging from its Sponsors’ know-how and existing LNG infrastructure.
The Company is pleased to announce that the first step in the capitalisation of Avenir, a Private Placement of 110,000,000 new shares (the ‘Offer Shares’) at a par price of USD 1.00 per share, which has now been successfully completed at a subscription price of USD 1.00 per share.
This placement was split in two tranches. Tranche A consisted of 99,000,000 new shares that were subscribed for by Stolt-Nielsen Ltd (through Stolt-Nielsen LNG Holdings Ltd.), (49,500,000 Shares), Golar LNG Limited (24,750,000 Shares) and Höegh LNG Holdings Ltd. (24,750,000 Shares). This Tranche has closed.
Tranche B consisted of 11,000,000 new shares and was placed with a group of institutional and other professional investors on 8 November. Tranche B will close today, 13 November 2018.
The Company will, once Tranche B is closed, have an issued share capital of USD 110,000,000 divided into 110,000,000 common shares, each with a nominal value of USD 1.00. Stolt-Nielsen LNG Holdings Ltd. will hold 45% of the shares, each of Golar LNG Limited and Höegh LNG Holdings Limited will hold 22.5% while the remainder will be initially held by the subscribers in Tranche B.
The Company’s shares will be listed on the N-OTC list with effect from 14 November 2018.
Clarksons Platou Securities AS, Danske Bank Norwegian branch, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Nordea Bank Abp. Filial Norge, Pareto Securities AS, Swedbank Norge, branch of Swedbank AB (Publ.) in cooperation with Kepler Cheuvreux and Skandinaviska Enskilda Banken AB (publ.) (Oslo Branch) acted as managers in the Private Placement.
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About Höegh LNG:
Höegh LNG operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions. Its strategy is to develop the business through an extended service offering, with large-scale FSRUs as the main product, and focus on establishing long-term contracts with attractive risk-adjusted returns involving credible counterparts. The company is publicly listed on the Oslo stock exchange under the ticker HLNG, and owns approximately 46% of Höegh LNG Partners LP (NYSE:HMLP). Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 125 office staff and 525 seafarers.
Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone +47 975 57 406
Erik Folkeson, VP IR and Strategy, Telephone +47 414 21 769
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs.