Höegh LNG Holdings Ltd has announced that it has raised NOK 844 million (approximately US$100 million equivalent) in gross proceeds through a private placement of 6 920 000 new common shares.
The private placement represents 9.90% of the current outstanding shares. It was over-subscribed at the subscription price and supported by existing and new institutional investors.
Höegh LNG said that it will use the net proceeds from the private placement to provide financial resources to support its growth strategy to become one of the world's leading providers of floating LNG (FLNG) services. The proceeds will be used to order additional floating, storage and regasification unit (FRSU) newbuildings, as well as for general corporate purposes.
Sveinung J. S. Støhle, President and 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."
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/floating-lng/10092015/hoegh-lng-raises-usd100-million-1267/