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>

<< Apr 2019 >>
MTWTFSS
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 2 3 4 5

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >