Höegh LNG Partners LP announces pricing of upsized public offering of 6,000,000 common units
Höegh LNG Partners LP has priced a public offering of 6,000,000 common units, representing limited partner interests in the Partnership, at a public offering price of $17.60 per unit. The offering was upsized to 6,000,000 common units from the original offering size of 5,500,000 common units. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 900,000 common units, the company said in its press release.
The Partnership intends to use the net proceeds from the offering to fund the cash purchase price of its previously announced acquisition of a 51% ownership interest in the owner of the entities that own and operate the floating storage and regasification unit ("FSRU") Höegh Grace and for general partnership purposes. The Partnership intends to use the net proceeds from any exercise of the underwriters' option to purchase additional common units for general partnership purposes, which may include the purchase of an additional ownership interest in the owner of the entities that own and operate the Höegh Grace. If the acquisition does not close, the Partnership will use the net proceeds from the offering for general partnership purposes.
Citigroup and Barclays are acting as the joint book-running managers in connection with the offering. In addition, DNB Markets, Fearnley Securities and Stifel are acting as the joint lead managers in connection with the offering.
The Partnership owns, operates and acquires FSRUs and associated LNG infrastructure assets under long-term charters. The Partnership is structured as a master limited partnership. The Partnership's common units trade on the New York Stock Exchange under the symbol "HMLP."
