By Paul A. Harris
Portland, Ore., Oct. 6 – Bermuda-based Golar LNG Ltd. priced a $300 million issue of four-year senior notes at par to yield 7% on Wednesday, according to market sources.
The yield came at the tight end of both yield talk and initial guidance: 7% to 7¼%.
The deal played to a mix of Scandinavian high-yield accounts, U.S. hedge funds and emerging markets accounts, sources said.
Bookrunners DNB Markets and Pareto Securities were the global coordinators. Lead managers were Danske Bank and Nordea Markets.
Proceeds will be used to refinance the company’s outstanding convertible bonds due February 2022 and for general corporate purposes.
Golar LNG owns and operates LNG infrastructure.
| Issuer: | Golar LNG Ltd.
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| Amount: | $300 million
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| Maturity: | Oct. 20, 2025
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| Securities: | Senior notes
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| Bookrunners: | DNB Markets and Pareto Securities
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| Lead managers: | Danske Bank and Nordea Markets
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Call protection: | 2.5 years
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| Trade date: | Oct. 6
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| Price talk: | 7% to 7¼%
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