The Board and the Conflicts Committee have approved the acquisition and the purchase price. The Conflicts Committee retained an outside financial advisor and outside legal advisor to assist with its evaluation of the acquisition and the purchase price.
Assuming HMLP purchases 51% of Grace Holding, management intends to recommend that the Board consider an increase in HMLP's quarterly cash distribution of approximately 4% to 5%, which would become effective for the distribution with respect to the quarter ending March 31, 2017. Any such increase would be conditioned upon, among other things, the timely closing of the Acquisition, the approval of such increase by the Board and the absence of any material adverse developments or potentially attractive opportunities that would make such an increase inadvisable.
This press release contains certain forward-looking statements concerning future events and the Partnership's operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result," "plan," "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Partnership's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to:
- the Partnership's ability to integrate and realize the anticipated benefits from the planned acquisition of the Höegh Grace;
- the timing of the planned acquisition of the Höegh Grace and the satisfaction of the conditions to closing thereof;
- the Partnership's ability to increase distributions to unitholders and the amount of any such increase;
- FSRU and LNG market trends, including hire rates and factors affecting supply and demand;
- the Partnership's ability to implement its growth strategies on a timely basis or at all and other plans and objectives for future operations;
- the Partnership's future revenues, expenses, financial condition and results of operations;
- the Partnership's ability to make additional borrowings and to access debt and equity markets;
- charter commencement and termination dates and extensions of charters; and
- other factors listed from time to time in the reports and other documents the Partnership files with the United States Securities and Exchange Commission.
New factors emerge from time to time, and it is not possible for the Partnership to predict all of these factors. Further, the Partnership cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. The Partnership does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
About Höegh LNG Partners LP
Höegh LNG Partners LP is a growth-oriented limited partnership formed by Höegh LNG Holdings Ltd. (Oslo Børs ticker: HLNG), a leading floating LNG service provider. HMLP's strategy is to own, operate and acquire FSRUs and associated LNG infrastructure assets under long-term charters.
Chief Executive Officer and Chief Financial Officer
+44 7919 058830
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SOURCE Hoegh LNG Partners LP