Avenir LNG Finalizes USD 110 Mn Private Placement

Bermuda-registered company Avenir LNG has collected USD 110 million through a private placement with Stolt-Nielsen Limited, Golar LNG Limited and Höegh LNG Holdings Limited.

The private placement of 110 million new shares, at a par price of USD 1 per share, represents the first step in the capitalisation of Avenir.

The placement was split in two tranches, with tranche A consisting of 99 million new shares that were subscribed for by Stolt-Nielsen (49.5 million shares), Golar LNG (24.75 million shares) and Höegh LNG (24.75 million shares). This tranche has closed.

Tranche B consisted of 11 million new shares and was placed with a group of institutional and other professional investors on November 8. It was scheduled to close on November 13, 2018.

Stolt-Nielsen will hold 45% of the shares, each of Golar LNG and Höegh LNG will hold 22.5% while the remainder will be initially held by the subscribers in tranche B.

The company’s shares will be listed on the N-OTC list with effect from November 14, 2018.

At the beginning of October 2018, Stolt-Nielsen, Golar LNG and Höegh LNG announced a combined investment commitment of USD 182 million in Avenir LNG Ltd and a contemplated subsequent equity raise in the company.

The parties explained that the investment would be contributed as cash and equity-in-kind and would partly fund the construction of four 7,500 cbm small-scale LNG carriers currently under construction at Keppel Singmarine in Nantong, China, two 20,000 cbm small-scale LNG carriers on order from Sinopacific Offshore Engineering in Nantong, China and 80% ownership in an LNG terminal and distribution facility under development in the Italian port of Oristano, Sardinia.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

Salvage & Wreck

Salvage and Wreck Removal Conference will focus on Casualty management case studies, Dealing with hazardous cargo and container ship fires…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >