Höegh LNG Partners Closes Höegh Grace Acquisition

Norway-based Höegh LNG finalized the transfer of the remaining 49% interest in Höegh Grace to Höegh LNG Partners LP on December 1.

Under the agreement, reached between the parties in mid-November, the Höegh LNG has transferred the remaining ownership interest in Höegh LNG Colombia Holding, the sole owner of the entities that own and operate the floating storage and regasification unit (FSRU).

The company earlier informed that the share would be sold for a price of USD 172.5 million, less USD 86.6 million in pro-rata indebtedness related to Höegh Grace, which was expected to be outstanding at the closing date of the transaction.

Höegh LNG Partners was to settle the purchase price with a combination of cash at hand and a drawing under its revolving credit facility granted by Höegh LNG.

HMLP bought the initial 51% ownership interest in Grace Holding in January 2017 for a price of USD 188.7 million, less USD 96.9 million, the pro rata amount of indebtedness related to the Höegh Grace.

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