Hoegh MLP in $192m IPO

Hoegh LNG Partners could rake in up to $220.4m from its listing on the New York Stock Exchange.
Sveinung Stohle, chief executive of Hoegh LNG.

Sveinung Stohle, chief executive of Hoegh LNG.

The MLP today issued 9.6 million share at $20.00 each, which will bring in an initial purse of $192m.

Underwriters could contribute a further $28.8m to the pot should the 1.44 million additional shares be picked up.

Citigroup, BofA Merrill Lynch, Morgan Stanley, Barclays and UBS Investment Bank are the joint book-running managers for the offering, with DNB Markets, Credit Agricole and RS Platou Markets co-managers.

Hoegh Partners shares will begin trading in the US financial capital today with the offering scheduled to close in 12 August.

The company, spun-off from Oslo-listed Hoegh LNG, will have three vessels in its initial fleet.

It will have full ownership of the PGN FSRU Lampung and 50% of both the GDF Suez Neptune and GDF Suez Cape Ann.

Hoegh has been seeking an IPO for its FSRU business for over a year and filed preliminary documents in early April.

Hoegh Partners says it will look to buy further FSRU newbuildings as they offer greater flexibility.

Parent Hoegh LNG has four FSRU vessels on order at Hyundai Heavy Industries, of which the first three have period work secured.

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