HAMILTON, Bermuda, Jan. 19, 2017 /PRNewswire/ -- Höegh LNG Partners LP (NYSE: HMLP) announced today that its board of directors (the "Board") has declared a quarterly cash distribution with respect to the quarter ended December 31, 2016 of $0.4125 per unit. The distribution corresponds to an annualized distribution of $1.65 per unit.
The cash distribution will be paid on February 14, 2017 to all unitholders of record as of the close of the business on February 2, 2017. As of this date and in reflection of the public offering announced on December 1, 2016, the number of common units in issue is 19,755,099. Together with subordinated units, the total number of units in issue is 32,911,159.
Further to the January 4, 2017 announcement on the closing of the transfer of the FSRU Höegh Grace, management reaffirms its previously announced intention to recommend to the Board that it 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 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.
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 floating storage and regasification units ("FSRUs") and associated LNG infrastructure assets under long-term charters. Its FSRUs have an industry leading average remaining firm contract duration of 13.1 years plus options as of December 31, 2016.
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 registration statement 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