Hoegh LNG Scales Down IPO (Norway)

Reference is made to the stock exchange announcements dated 10 June 2011 regarding Höegh LNG Holdings Ltd.’s (HLNG) application for a listing of the Company’s common shares on the Oslo Stock Exchange, and the transaction terms of the planned equity raising in the form of an initial public offering  as part of the Listing.

Given the prevailing market conditions, the Company has decided to downscale the Offering. The Company plans to raise approximately NOK 660 million to NOK 825 million (approximately USD 120 million to USD 150 million) as part of the Offering, but prior to the granted 10% over-allotment option. The price is set at NOK 38 per Share (approximately USD 7 per Share). The Company expects to issue approximately 17 million to 22 million new Shares in the Offering (prior to any exercise of the over-allotment option).

At market close on Friday 24 June 2011 the book was covered at the revised Offering terms. The Company had further met the requirements for listing at the Oslo Stock Exchange (Oslo Børs), including the required number of shareholders.

As a result of the price per Share being set at the low end of the indicative price range, Leif Höegh & Co Ltd. decided to place an order of the NOK equivalent of approximately USD 35 million in the institutional tranche of the Offering, which order was included in the book as of market close on Friday 24 June 2011. The order is based on Leif Höegh & Co Ltd. strong belief in Höegh LNG as one of the key players within the LNG regasification segment. The final number of Offer Shares allocated to Leif Höegh & Co Ltd. will be determined by the Board of Directors of Höegh LNG.

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

“Despite the highly volatile equity market conditions and the prevailing uncertainty, a broad number of investors share our view on the LNG market and on the strong prospects for Höegh LNG. Listing Höegh LNG on the Oslo Stock Exchange is an important step in establishing Höegh LNG as an attractive capital markets vehicle within the growing LNG industry. As a shareholder Leif Höegh & Co Ltd. deems the revised transaction terms very attractive, particularly in light of Höegh LNG being selected as the preferred bidder for the Medan, Indonesia FSRU project. Leif Höegh & Co has therefore decided to participate in the Offering with approximately USD 35 million.”

The bookbuilding period and the application period for the Offering have been extended and will expire at 17:30 hours (CET) on 29 June 2011 for the institutional, retail and employee Offering, subject to extension. The bookbuilding period and the application period will be further extended if the prospectus supplement referred to below has not been published by 09:00 hours (CET) on 28 June 2011. The first day of listing is expected to be on or about 5 July 2011.

The revised terms of the Offering will be further described in a supplement to the Company’s prospectus dated 10 June 2011. The supplement will be published on or about 28 June 2011 through the Oslo Stock Exchange’s information system and will also be available at www.hoeghlng.com. A printed copy of the prospectus supplement can be obtained at the offices of Höegh LNG at Drammensveien 134, N- 0277 Oslo, Norway, or by contacting any of the managers of the Offering.

DnB NOR Markets is 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 27, 2011;