Hoegh LNG Partners LP announces IPO

By Romel S. Gurky

Hoegh LNG Partners LP (the Partnership), a Marshall Islands limited partnership formed by Norwegian firm Hoegh LNG Holdings Ltd, announced Monday that it has commenced an initial public offering (IPO) of 9,600,000 common units representing limited partner interests in the Partnership pursuant to a registration statement on Form F-1 previously filed with the U.S. Securities and Exchange Commission (the SEC).

The Partnership intends to grant the underwriters a 30-day option to purchase up to 1,440,000 additional common units. The common units are expected to trade on the New York Stock Exchange under the symbol "HMLP".

The common units being offered represent a 36.5 percent limited partner interest in the Partnership, or a 42.0 percent limited partner interest if the underwriters exercise in full their option to purchase additional common units. Hoegh LNG Holdings will own the Partnership's general partner and the remaining limited partner interest.

The Partnership was formed to own, operate and acquire floating storage and regasification units, liquefied natural gas carriers and other LNG infrastructure assets under long-term charters. The Partnership's initial fleet will consist of interests in the following vessels: a 50 percent interest in the GDF Suez Neptune, a 50 percent interest in the GDF Suez Cape Ann and a 100 percent economic interest in the PGN FSRU Lampung, in Indonesia.

Citigroup, BofA Merrill Lynch, Morgan Stanley, Barclays and UBS Investment Bank are acting as the joint book-running managers for the offering. DNB Markets, Credit Agricole CIB and RS Platou Markets AS are acting as co-managers. The offering will be made only by means of a prospectus.

Hoegh LNG said earlier this week that the PGN FSRU in Lampung started commercial operation on July 21.

Editing by Reiner Simanjuntak