Golar LNG Limited Closes $402.5 Million of 2.75% Convertible Senior Notes Due 2022
(Thomson Reuters ONE) -
Hamilton, Bermuda, February 17, 2017 -- Golar LNG Limited (the "Company")
(NASDAQ: GLNG) announced today the closing of its previously announced offering
of 2.75% Convertible Senior Notes due 2022 (the "Notes"), in a private placement
to qualified institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended (the "Securities Act"). The Company sold $402.5 million
aggregate principal amount of the Notes, including $52.5 million aggregate
principal amount of the Notes sold pursuant to the initial purchasers' exercise
in full of their 30-day option to purchase additional Notes in connection with
the offering.
The Notes are senior, unsecured obligations of the Company, bear interest at a
rate of 2.75% per annum, are payable semi-annually in arrears on February 15 and
August 15 of each year, beginning on August 15, 2017, mature on February
15, 2022, and are convertible into the Company's common shares, cash, or a
combination of shares and cash, at the Company's election. The conversion rate
for the Notes initially equals 26.5308 common shares per $1,000 principal amount
of the Notes, which is equivalent to an initial conversion price of
approximately $37.69 per common share, and is subject to adjustment.
The Company used approximately $31.2 million of the net proceeds from the sale
of the Notes to fund the cost of the capped call transactions described below,
including $4.1 million to fund the cost of capped call transactions related to
the sale of the additional Notes, and will use the remaining funds for other
general corporate purposes.
In connection with the offering of the Notes, including the additional Notes,
the Company entered into capped call transactions with one or more of the
initial purchasers of the Notes or their affiliates (the "option
counterparties"). The capped call transactions have an initial strike price of
approximately $37.69 per share and an initial cap price of $48.86 per share,
subject to certain adjustments. The capped call transactions cover, subject to
customary adjustments, approximately 10,678,647 common shares of the Company.
The capped call transactions are expected to reduce the potential dilution to
the Company's common shares upon and/or offset the cash payments the Company is
required to make in excess of the principal amount of converted Notes, with such
reduction and/or offset subject to a cap.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy the Notes, nor shall there be any sale of the Notes in any
jurisdiction in which, or to any person to whom, such an offer, solicitation or
sale would be unlawful. Any offer of the Notes will be made only by means of a
private offering memorandum.
The Notes and the shares of common stock issuable upon conversion of the Notes
have not been, and will not be, registered under the Securities Act or the
securities laws of any other jurisdiction and may not be offered or sold absent
registration or an applicable exemption from registration requirements under the
Securities Act and applicable state securities laws.
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking
statements include any statement that may predict, forecast, indicate or imply
future results, performance or achievements. The words "believe," "anticipate,"
"intend," "estimate," "forecast," "project," "plan," "potential," "may,"
"should," "expect," "pending" and similar expressions identify forward-looking
statements. These statements involve known and unknown factors and are based
upon a number of assumptions and estimates that are inherently subject to
significant risks and uncertainties, many of which are beyond the Company's
control. Actual results may differ materially from those expressed or implied by
such forward-looking statements. Important factors that could cause actual
results to differ materially include, but are not limited to, those risks and
uncertainties described in reports and other documents the Company files with
the United States Securities and Exchange Commission, including the Company's
most recent Annual Report on Form 20-F. New factors emerge from time to time,
and it is not possible for the Company to predict all of these factors. As a
result, you are cautioned not to rely on any forward-looking statements. The
Company undertakes no obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future events or
otherwise unless required by law.
Hamilton, Bermuda
February 17, 2017
Enquiries:
Golar Management Limited: + 44 207 063 7900
Brian Tienzo
Stuart Buchanan
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Golar LNG via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2017 - 16:43 Uhr
Sprache: Deutsch
News-ID 525016
Anzahl Zeichen: 5789
contact information:
Town:
Hamilton
Kategorie:
Business News
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