Hoegh LNG Completes Bookbuilding for IPO (Norway)

Höegh LNG Holdings Ltd. (HLNG) announced the completion of the bookbuilding period for the initial public offering of its shares, and is pleased with the broad interest received for the Offering during the bookbuilding period which has taken place under challenging market circumstances.

Summary of the Offering

Höegh LNG will issue 17,087,684 new shares in connection with the Offering, representing 37.7 percent of the issued shares of Höegh LNG post Offering. In addition, the managers have over-allotted 1,708,768 shares, and exercised their option to borrow the same amount of shares from Leif Höegh & Co. Ltd. for the purpose of covering such over-allotment.

The shares have been priced at NOK 38 per share in the Offering. The Offering will raise gross proceeds to Höegh LNG of approximately NOK 650 million (or approximately USD 120 million), excluding the proceeds from any shares issued pursuant to the over-allotment option granted to the managers.

Payment date for the shares allocated in the Offering is 4 July 2011. Trading of the shares in Höegh LNG on Oslo Stock Exchange will commence on 5 July 2011.

Approximately 97 percent of the shares in the Offering were allocated to investors in the institutional offering and 3 percent of the shares to investors in the retail and employee offerings. Following the Offering, and allotment of shares, Höegh LNG will have reached the number of shareholders required to be listed on the Oslo Stock Exchange.

Leif Höegh & Co. Ltd. has been allocated 4,983,900 shares, equivalent to approximately USD 35 million. Leif Höegh & Co. Ltd. will have an ownership share of approximately 68.2 percent prior to utilisation of the over-allotment option and 65.7 percent if the green shoe option is exercised in full. Leif Höegh & Co Ltd. has entered into a lock-up with the managers of the Offering from 8 May 2011 until 31 December 2011.

Notifications to the investors participating in the Offering of the number of shares allocated to them, and the corresponding amounts to be paid by investors are expected to be distributed on or about 30 June 2011. Investors having access to investor services through their VPS account manager will be able to check the number of shares allocated to them from on or about 16.00 hours (CET) on 30 June 2011 in the VPS.

The Chairman of the Board of Directors, Morten W. Høegh, says:

“We are very pleased that we have managed to reach our goal to establish Höegh LNG as a listed company. This strengthens Höegh LNG’s opportunities to realize its strategic ambitions within the growing LNG industry, and we now have a strong foundation for continued value creation for all stakeholders.”

Over-allotment option

Höegh LNG has granted the managers a 10 percent (1,708,768 shares) over- allotment option, exercisable by DnB NOR Markets as stabilising manager within 31 days following the first day of trading of the shares on Oslo Stock Exchange. The over-allotment option can be exercised to subscribe for new shares in order to cover over-allotments or other short positions in connection with the Offering. A separate disclosure will be issued by the stabilisation manager regarding the over-allotment and stabilisation activities.

DnB NOR Markets has been acting as a Global Coordinator for the Offering. DnB NOR Markets, ABG Sundal Collier and Pareto Securities are acting as Joint Lead Managers and Joint Bookrunners for the Offering, while Danske Bank and Nordea Markets are acting as Co-Managers.

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Source: Höegh LNG, June 30, 2011;