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Exmar files MLP offering papers

Exmar files MLP offering papers
Exmar has filed its registration papers for a public offering of shares in a master limited partnership (MLP), Exmar Energy Partners.

The number of shares and pricing are yet to be announced, but at launch the MLP is expected to own a 50% interest in joint ventures that own and operate one LNG carrier and four LNG regasification vessels.

Exmar have been planning to launch an MLP since at least November 2013, and follows a number of its competitors in the LNG space which have benefited from the favourable tax and liquidity properties of an MLP.

The Belgian LNG and LPG vessel operator reported strong profits in the second quarter this year, as VLGCs enjoyed a strong market and older vessels were disposed of from its fleet.

JP Morgan, BofA Merrill Lynch and Citigroup are joint book-running managers for the proposed offering.