Hoegh LNG to use revolver borrowings to help finance acquisition

By Sarah Lizee

Olympia, Wash., Nov. 16 – Hoegh LNG Partners LP intends to use borrowings under its existing revolving credit facility along with cash on hand to acquire the remaining 49% ownership interest in Hoegh LNG Colombia Holding Ltd., according to a Thursday press release.

Hoegh LNG Colombia Holding is the sole owner of Hoegh LNG FSRU IV Ltd. and Hoegh LNG Colombia SAS, the entities that own and operate the floating storage and regasification unit Hoegh Grace.

The purchase price for the acquisition will be $85.9 million.

The acquisition is expected to be completed by the beginning of January 2018 and is subject to customary closing conditions.

Hamilton, Bermuda-based Hoegh LNG Partners is a Norwegian owner and operator of floating liquefied natural gas import terminals.

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