Golar LNG is repurchasing nearly half of its 2025 bond issue after asking investors to name their price in a reverse Dutch auction.
The floating LNG carrier specialist had said last week that it would decide on an acceptable level for the potential $300m buyback after offers came in.
In the end, Golar LNG settled on offers up to and including 100% of the par value.
It will spend $140m on bonds as a result, including accrued and unpaid interest.
Cash payments will be made on 15 December.
The issue carries a coupon of 7%.
DNB Markets managed the offer, which ended on 9 December.
Golar is an investor in LNG carrier spin-off Cool Company and small-scale vessel operator Avenir LNG.
The company has been inspecting Moss-type LNG carriers in its search for a conversion candidate for its next planned floating LNG production unit, TradeWinds reported last month.
Chief executive Karl Staubo told analysts on a results call that the company is discussing “if and when” it will acquire a ship.
Bigger vessel wanted
He said it has the option to use its existing vessel, the 126,000-cbm Gandria (built 1977) and is not 100% dependent on buying a ship, but Golar would like to buy a vessel with a higher storage capacity.
The company also announced it has ordered long-lead items for one of its $300m Mark II LNG carrier-to-3.5 million tonnes per annum FLNG unit conversions.
The Gimi will become an FLNG unit that will serve BP’s Greater Tortue Ahmeyim for Mauritania and Senegal.
Golar has engaged its pre-operations and will have a maritime crew of about 120 mobilised and on the vessel by the year-end.
