Tellurian Withdraws Senior Note Offering and Announces Exercise of Common Stock Over-Allotment Option
August 31 2021 - 4:26PM
Business Wire
Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that
it will not proceed with its underwritten public offering of $50
million aggregate principal amount of 8.25% senior notes due 2028
which was successfully priced last Thursday night, August 26, 2021.
Nasdaq informed Tellurian on Friday that it would not list the
bonds due to a procedural interpretation.
Tellurian Executive Chairman Charif Souki said, “Clearly the
massive retail investment market has been disruptive to the old
rules guiding institutional investing, first in equities and now in
bonds. Of course, we are disappointed with Nasdaq’s decision and
wish it would have advised us earlier in the process. The good news
is that Tellurian has plenty of liquidity, we achieved a BBB+
investment grade rating, and we established a viable market for our
debt securities. Tellurian appreciates the continued support from
its sophisticated and well-informed retail investors, and we hope
to have another debt offering in the future.”
Tellurian also announced that the underwriters of its recent
public offering of its common stock exercised their option to
purchase an additional 5,250,000 shares, bringing the total shares
purchased to 40,250,000. The total additional gross proceeds
(before underwriters’ compensation and estimated expenses) from the
exercise of the option are approximately $15.75 million.
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a
low-cost, global natural gas business, profitably delivering
natural gas to customers worldwide. Tellurian is developing a
portfolio of natural gas production, LNG marketing and trading, and
infrastructure that includes an ~ 27.6 mtpa LNG export facility and
an associated pipeline. Tellurian is based in Houston, Texas, and
its common stock is listed on the Nasdaq Capital Market under the
symbol “TELL.”
For more information, please visit www.tellurianinc.com. Follow
us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,”
“forecast,” “initial,” “intend,” “may,” “plan,” “potential,”
“project,” “proposed,” “should,” “will,” “would,” and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements herein relate to, among other things,
the capacity, timing, and other aspects of the Driftwood project
and potential future transactions. These statements involve a
number of known and unknown risks, which may cause actual results
to differ materially from expectations expressed or implied in the
forward-looking statements. These risks include the matters
discussed in Item 1A of Part I of the Annual Report on Form 10-K of
Tellurian for the fiscal year ended December 31, 2020 filed by
Tellurian with the Securities and Exchange Commission (the SEC) on
February 24, 2021, and other Tellurian filings with the SEC, all of
which are incorporated by reference herein. The forward-looking
statements in this press release speak as of the date of this
release. Although Tellurian may from time to time voluntarily
update its prior forward-looking statements, it disclaims any
commitment to do so except as required by securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20210831005983/en/
Media: Joi Lecznar EVP Public and Government Affairs
Phone +1.832.962.4044 joi.lecznar@tellurianinc.com
Investors: Matt Phillips Vice President, Investor
Relations Phone +1.832.320.9331
matthew.phillips@tellurianinc.com
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