HAMILTON, Bermuda, April 19, 2018 /PRNewswire/ -- Höegh LNG Partners LP (the "Partnership") (NYSE:HMLP) announced today that its board of directors (the "Board") has declared a quarterly cash distribution with respect to the quarter ended March 31, 2018 of $0.44 per unit for the common units. This represents an increase of 2.3% from the fourth quarter 2017 distribution and is related to the acquisition of the remaining 49% of the floating storage and regasification unit ("FSRU") Höegh Grace. The distribution increase brings the total distribution increase since the Partnership's IPO in 2014 to 30.4% and corresponds to an annualized distribution of $1.76 per unit.
The cash distribution for the common units will be paid on May 15, 2018 to all common unitholders of record as of the close of the business on May 4, 2018.
The Partnership also announced that the Board declared a cash distribution of $0.546875 per 8.75% Series A preferred unit. The cash distribution for the 8.75% Series A preferred units will be paid on May 15, 2018 to all 8.75% Series A preferred unitholders of record as of the close of the business on May 8, 2018.
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. It has interests in five FSRUs that have an industry leading average remaining firm contract duration of 11.2 years plus options as of March 31, 2018.
This press release includes statements that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. Factors that can affect future results are discussed in the Annual Report on Form 20-F for the year ended December 31, 2017 filed by Höegh LNG Partners LP with the U.S. Securities and Exchange Commission (SEC), which is available via the SEC's web site at www.sec.gov. Höegh LNG Partners LP undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
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SOURCE Hoegh LNG Partners LP