By Rebecca Melvin
New York, Feb. 28 - Golar LNG Ltd. priced $250 million of five-year convertible bonds Tuesday at par to yield 3.75% with an initial conversion premium of 25%, according to a news release.
The Regulation S bonds, with a par value of $100,000 per bond, priced at the cheap end of talk, which was for a 3% to 3.75% yield with an initial conversion premium of 25% to 30%, and the pricing included an upsize option for $50 million of additional bonds.
The deal was sold via joint bookrunners ABG Sundal Collier, Arctic Securities and Deutsche Bank AG, with DnB Bank ASA and Nordea Bank Norge ASA acting as co-managers.
Proceeds will be used for growth capital expenditures, repayment of short-term facilities and general corporate purposes.
The bonds are expected to be settled by March 7.
The securities will not be listed on issue, but Golar LNG may decide to list the bonds on an exchange at a later stage.
Hamilton, Bermuda-based Golar LNG is an owner and operator of liquid natural gas carriers.
| Issuer: | Golar LNG Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $250 million, including $50 million upsize option
|
| Bookrunners: | ABG Sundal Collier, Arctic Securities, Deutsche Bank AG
|
| Co-managers: | DnB Bank ASA, Nordea Bank Norge ASA
|
| Maturity: | March 7, 2017
|
| Coupon: | 3.75%
|
| Price: | Par, $100,000
|
| Yield: | 3.75%
|
| Conversion premium: | 25%
|
| Conversion price: | $55.00
|
| Price talk: | 3%-3.75%, up 25%-30%
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 7
|
| Distribution: | Regulation S
|
| Stock symbol: | Nasdaq: GLNG
|
| Stock reference price: | $44.00
|
| Market capitalization: | $3.46 billion
|
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