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Höegh LNG prices MLP IPO for $220m

Höegh LNG prices MLP IPO for $220m
Höegh LNG Partners, the recently-formed MLP of Höegh LNG, has priced its IPO of 9.6m shares at $20 per unit.

The company has offered the underwriters a 30-day option of a further 1.44m shares, creating a total potential gross of $220.8m.

The shares on offer represent a 36.5% limited partner interest in the MLP, or 42.0% if the underwriters claim the full extent of their option.

The MLP’s initial fleet comprises a 50% interest in the FSRUs GDF Suez Neptune and GDF Suez Cape Ann, as well as a 100% interest in PGN FSRU Lampung.

Trading in the shares is due to begin today on the New York Stock Exchange under the symbol HMLP, with the offer closing around 12 August.

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 as co-managers.