GOLAR LNG LIMITED - RESTRUCTURING AND EQUITY OFFERING
(Thomson Reuters ONE) - Golar LNG Limited ("Golar") hereby announces a major restructuringcombined with an intent to conduct an equity offering in its newlyformed subsidiary, Golar LNG Energy Limited ("Energy").Consistent with the announcement made in Golar's first quarterreport, Golar has incorporated Energy in Bermuda for the purpose oftransferring such part of its asset portfolio which is not employedon long term charters to this entity.The transfer will include the following assets and activities:- the ownership of 4 modern LNG carriers ("Gracilis","Grandis", "Granosa" and "Golar Arctic")- the ownership of 3 1970's built LNG carriers ("Khannur","Gimi" and "Hilli")- a 50 % ownership interest in another 1970's build LNGcarrier ("Gandria")- a 13,6 % ownership interest in the Australian listedcompany LNG Ltd.- Golar's current project portfolio- certain financial obligations, notably swap arrangements.In addition, Energy will acquire the subsidiary owning the 1970 builtLNG carrier "Golar Freeze" which is scheduled to be converted to anFSRU vessel.The transaction will be structured as a sale by Golar to Energy ofits shares in and shareholder loans to the subsidiaries which are theformal owners of the above referred assets. In addition certaincontractual rights will be transferred.The gross value of the assets transferred from Golar to Energy(excluding "Golar Freeze") is USD 824 million based on Golar's bookvalues as of 30 June 2009.The debt obligations of the subsidiaries transferred (excluding"Golar Freeze") are, in aggregate, USD 487 million resulting in a netconsideration due to Golar from Energy of USD 337 million.The consideration is based upon Golar's book values as of 30 June2009 subject to the shares in LNG Limited being valued at market asof 31 July 2009 and Energy being compensated for the negative valueof interest rate swaps taken over as of 31 July 2009.USD 337 million of the net consideration will be settled by Energyissuing 168.5 million new ordinary shares of par value 1.- in Energyto Golar at a subscription price of USD 2.-The purchase of the "Golar Freeze" will be financed by way of aseller's credit of USD 31 million from Golar to Energy. The seller'scredit represents the book value of Golar's equity interest in "GolarFreeze" as of 30 June 2009.Golar will be granted an option to reacquire "Golar Freeze" fromEnergy when its conversion to FSRU vessel is completed. Energy willhave an identical option to sell "Golar Freeze" to Golar. The priceto be paid by Golar in this transaction shall equal the aggregate ofthe seller's credit and the conversion cost of the vessel, cfr.above.Golar will retain all the risks and potential benefits associatedwith the existing leasing arrangements and associated cash depositsfor "Gimi", "Hilli" and "Khannur".Energy and its subsidiaries will we managed by Golar Management (UK)Ltd., thus securing access to a highly qualified and experiencedmanagement team. Mr. Oscar Spieler has been recruited by GolarManagement (UK) Ltd in order to be the person overall responsible forEnergy's administration. Mr. Spieler has previously been the CEO ofFrontline Management ASCompletion of the restructuring described above is conditional uponEnergy successfully raising USD 150 million in new equity fromoutside investors through a private placement of 75 million newordinary shares at a subscription price of USD 2.-.In addition, therewill be a "greenshoe" - option of up to 10 mill shares.The placement of these shares is intended to take place thisafternoon and tomorrow.The subscription of the new shares is fully underwritten by Golar'slargest shareholder, World Shipholding Inc.The private placement, will, if successful, dilute Golar's ownershipin Energy from 100 % to approximately 69 %, subject to the"greenshoe" not being used.The proceeds from the private placement will be used by Energy tofinance the development of the project portfolio acquired from Golarand as working capital. Only USD 12 million has been committed tothis as of the end of July 2009.The intention is to list the shares in Energy in the Oslo OTC marketfollowing closing of the private placement. A full listing of Energyon a recognized stock exchange is planned before the end of 2009.The underlying rationale for the restructuring is to create anaggressive, well funded high growth, mid stream LNG company withfocus on regasification projects, liquefaction and transport andtrading of LNG.The remaining Golar will have a low risk profile with a businessfocused on long term charters. Golar will have a fleet of 5 LNGcarriers (including "Golar Freeze") and a controlling interest inEnergyGolar will have a high dividend capacity with forward revenues ofapproximately USD 1.9 billon secured from solid counterparties.Golar's long term financing is in place and there are, with theexception of the conversion cost of "Golar Freeze", no significantcapital expenditures expected in the years to come.Golar LNG LimitedAugust 4, 2009Hamilton, Bermuda.Questions should be directed to:Golar Management Ltd - +44 207 063 7900:Graham Robjohns: Chief Financial OfficerThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 04.08.2009 - 13:03 Uhr
Sprache: Deutsch
News-ID 4321
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 379 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"GOLAR LNG LIMITED - RESTRUCTURING AND EQUITY OFFERING"
steht unter der journalistisch-redaktionellen Verantwortung von
Golar LNG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
