Höegh LNG : Contemplated Private Placement
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Bermuda, 9 September 2015
Höegh LNG Holdings Ltd. ("Höegh LNG" or the "Company", ticker code "HLNG") has retained ABG Sundal Collier, DNB Markets and Pareto Securities (collectively referred to as the "Joint Bookrunners") to advise on and effect a private placement of up to 6,920,000 new common shares in the Company, equivalent to 9.90% of the issued shares in the Company, directed towards Norwegian and international investors after the close of the Oslo Stock Exchange today, 9 September 2015 (the "Private Placement").
The net proceeds to the Company from the Private Placement will provide financial resources to support Höegh LNG's growth strategy to become one of the world's leading providers of floating LNG services. More specifically, the Company intends to use the net proceeds from the Private Placement to:
- Finance further growth by ordering additional FSRU newbuildings.
- For general corporate purposes.
The subscription price in the Private Placement will be set on or around close of market price on 9 September 2015 based on an accelerated bookbuilding process. The minimum order application has been set to the number of shares that equals an aggregate purchase price of at least NOK 5,000,000. The bookbuilding period will commence today (9 September 2015) at 16:30 hours (CET) and close on 10 September 2015 at 08:00 hours (CET). The Company and the Joint Bookrunners may, however, at any time and for any reason resolve to close or extend the bookbuilding period at their own sole discretion.
Leif Höegh & Co Ltd., the largest shareholder in the Company, has pre-subscribed for 15% of the Private Placement.
The Company will announce the number of shares placed and the final subscription price in the Private Placement through a stock exchange notice expected to be sent before opening of the Oslo Stock Exchange tomorrow 10 September 2015.
Notification of allotment and payment instructions will be sent to the applicants on or about 10 September 2015 through a notification to be issued by the Joint Bookrunners. Settlement of the allocated shares is expected to take place through a delivery versus payment transaction on or about 14 September 2015.
The subscribers in the Private Placement will be delivered existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange, pursuant to a share lending agreement entered into between Höegh LNG, the Joint Bookrunners and the Company's largest shareholder, Leif Höegh & Co Ltd., in order to facilitate delivery of listed shares to investors on a delivery versus payment basis.
This publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Höegh LNG Holdings Ltd. does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into the United States.
About Höegh LNG:
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs). The Company has developed low-cost solutions for floating liquefaction terminals (FLNG) 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 and the strategy is to continue to focus its growth plans on the FSRU and the FLNG market, with the objective of securing long-term contracts with strong counterparts at attractive returns. Höegh LNG is a Bermuda based company with established presence in Oslo, Singapore, London, Miami, Jakarta, Klaipeda and Cairo. The company employs approximately 100 office staff and 500 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
Birgitte Hjertum, VP Strategy and Investor Relations, Telephone +47 975 57 432
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