Golar LNG raising funds through stock offering

Golar LNG on Monday said it has offered 6,500,000 shares of its common stock priced as US$23.50 per share. 

The company initially offered 5,700,000 shares, however, the offering has been increased by 800,000 shares, Golar LNG’s statement reads.

As part of the offering, the underwriters are selling 212,765 common shares to a member of the company’s board of directors at the public offering price.

Golar LNG granted the underwriters a 30 day option to purchase up to an additional 975,000 common shares.

The proceeds of the offering are expected to be used to partly fund the settlement of the company’s outstanding convertible bonds and will augment a recently received commitment from Citibank to finance the remainder of the amounts outstanding under the company’s convertible bonds through a new term loan credit facility of up to $150 million.

The offering is scheduled to close on November 18, 2016, according to the statement.