Newly unveiled LNG carrier shipowner Cool Company (CoolCo) is planning to raise $250m through a private share offering as it limbers up for an Oslo stock listing.
Tor Olav Troim-controlled Golar LNG, which announced its long-planned spin-off of its LNG ship assets in a tie-up with Idan Ofer-led Eastern Pacific Shipping in mid-December, said the offer price on the new shares in CoolCo will be $10 each.
The offer period opens on 27 January at 0900 CET and closes on 28 January at 1630.
EPS has already pre-subscribed to the offering and guaranteed an allocation of a minimum $150 million in the contemplated private placement.
Listings
Golar said that subject to the successful completion of the private offer CoolCo will apply to list its shares on the on Euronext Growth Oslo during the first quarter of 2022.
It said the shares will be listed on the Oslo over-the-counter exchange immediately following the private placement.
Golar said the cash from the private placement together with debt refinancing will be used to finance CoolCo’s buy of eight tri-fuel diesel-electric vessels from Golar.
The monies raised will also be put towards securing “attractive financing” and providing CoolCo with working capital to position the company for future growth, Golar said.
A deal for CoolCo Golar's eight TFDE LNG carriers was agreed in December with EPS.
Golar has said CoolCo will have an initial market capitalisation of $375m, with EPS becoming the largest shareholder with a 40% stake in the new venture.
CoolCo is also targeting a second listing on a large overseas exchange this year.
