Golar LNG to Issue Up to USD 250 Million in Bonds (Bermuda)

February 28, 2012

Golar LNG Limited said today that it intends to issue secured convertible bonds with a five-year tenor.

The base offering size will be USD 200 million with an upsize option of USD 50 million. The total issue size can therefore amount to up to USD 250 million. The Bonds (each with a denomination of USD 100,000) will be offered in an accelerated bookbuilding to institutional investors outside of the U.S. only.

The Bonds will be convertible into common shares of the Company. The Bonds are expected to have a coupon in the range of 3.00% – 3.75% payable quarterly in arrear and a conversion premium of 25.0% – 30.0% over the volume weighted average price of the Company’s shares on NASDAQ today (Reference Price), subject to a minimum Reference Price of USD 44.00.

Golar LNG said that the proceeds from the Bonds will be used for growth capital expenditure, repayment of short-term facilities and general corporate purposes. Golar LNG has a total of eleven LNG carriers and two floating storage and regasification units (FSRU’s) on order and is in addition actively involved in bidding processes for FSRU projects.

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LNG World News Staff, February 28, 2012