Hoegh LNG raises $100M to finance floating LNG vessels

Höegh LNG has raised NOK 844 million ($100 million) 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 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.

According to Höegh LNG, the net proceeds 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.

The company intends to use the net proceeds from the Private Placement to finance further growth by ordering additional FRSU newbuildings; and 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.”

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Posted on September 10, 2015 with tags .

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