Golar LNG Ltd. (GLNG), operator of marine LNG infrastructure, announced on Thursday the pricing of $500 million aggregate principal amount of its 2.75% Convertible Senior Notes, due 2030. The offering is expected to close on June 30.
The initial conversion rate is 17.3834 common shares per $1,000 of Notes, which is equal to a conversion price of about $57.53 per share, around 40% above the June 25 volume-weighted average share price of $41.09.
The company plans to use the net proceeds from the sale of the Notes to repurchase 2.5 million of its common shares as part of the offering.
The remaining funds will be used for general corporate purposes, which may include future growth projects such as a potential fourth FLNG unit, MKII FLNG conversion costs, redeployment of FLNG Hilli, debt repayment, working capital, and capital expenditures.
The company has given the initial buyers of the Notes a 30-day option to buy up to an additional $75 million in Notes as part of the offering.
The Notes will be unsecured debt and carry an annual interest rate of 2.75%, payable semi-annually on June 15 and December 15, starting December 15.
In the pre-market trading, Golar LNG is 0.78% higher at $41.41 on the Nasdaq.
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