Höegh LNG : Raises NOK 844 million (USD ~100 million) in a Private Placement
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Bermuda, 10 September 2015
Höegh LNG Holdings Ltd. ("Höegh LNG" or the "Company", ticker code "HLNG") today announces that the Company has raised NOK 844 million (USD ~100 million equivalent) in gross proceeds through a private placement of 6,920,000 new common shares, each with a par value of USD 0.01 at a subscription price of NOK 122 per share (the "Private Placement").
The Private Placement took place through a bookbuilding process managed by ABG Sundal Collier ASA, DNB Markets and Pareto Securities as Joint Bookrunners. The Private Placement, which represents 9.90% of the current outstanding shares, was over-subscribed at the subscription price and supported by existing and new institutional investors.
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 FRSU newbuildings.
- For general corporate purposes.
Commenting on today's announcement, Sveinung J. S. Støhle, President & CEO of Höegh LNG, said, "We are very pleased to have concluded this fundraising supporting Höegh LNG's growth strategy. With the support from existing and new shareholders, the Company has broadened its shareholder base, increased the free float in its share and further strengthened its financial position. This enables the Company to take an even more active role in the growing LNG industry and further strengthen its competitive position in the FSRU segment."
The Private Placement representing 6,920,000 new common shares was approved by a committee of the Board of Directors of the Company in a meeting on 9 September 2015.
Notification of allotment and payment instructions for the Private Placement has been sent to the applicants today through a notification issued by the Joint Bookrunners. The allocated shares in the Private Placement will be tradable on the Oslo Stock Exchange from today, 10 September 2015, through delivery of existing unencumbered shares in the Company to the investors.
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.
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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