Hoegh LNG raises USD 100 million

Höegh LNG Holdings said it has raised NOK 844 million (US$100 million) in gross proceeds through a private placement of 6,920,000 new common shares, each with a par value of US$0.01 at a subscription price of NOK 122 per share.

The company intends to use the net proceeds from the private placement to finance further growth by ordering additional FRSUs, and for general corporate purposes, Höegh LNG said in a statement on Thursday.

“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,” Sveinung J. S. Støhle, President & CEO of Höegh LNG said.

The private placement took place through a bookbuilding process managed by ABG Sundal Collier ASA, DNB Markets and Pareto Securities as joint bookrunners.

The placement, which represents 9.90% of the current outstanding shares, was over-subscribed at the subscription price and supported by existing and new institutional investors.

LNG World News Staff; Image: Höegh LNG