KNOT Offshore Partners LP Announces Closing of Public Offering of 3,000,000 Common Units & Entry into a Term Sheet for the Re...
November 09 2017 - 4:05PM
Business Wire
KNOT Offshore Partners LP (the “Partnership”) (NYSE: KNOP)
announced today that it has closed its previously announced public
offering of 3,000,000 common units, representing limited partner
interests in the Partnership.
The Partnership also announced that its subsidiary, KNOT Shuttle
Tankers 15 AS, which owns the vessel Torill Knutsen, has entered
into a term sheet for a new $100 million senior secured term loan
facility (the “New Torill Facility”) with The Bank of
Tokyo-Mitsubishi UFJ, which will act as agent. The New Torill
Facility is expected to be repayable in 24 consecutive quarterly
installments with a balloon payment of $60.0 million due at
maturity. The New Torill Facility is expected to bear interest at a
rate per annum equal to LIBOR plus a margin of 2.1%. The facility
is expected to mature in 2023 and be guaranteed by the Partnership.
The New Torill Facility would refinance a $74.4 million loan
facility associated with the Torill Knutsen that bears interest at
a rate of LIBOR plus 2.5% and is due to be paid in full in November
2018. Closing of the New Torill Facility is anticipated to occur by
the end of 2017.
About KNOT Offshore Partners LP
The Partnership owns, operates and acquires shuttle tankers
under long-term charters in the offshore oil production regions of
the North Sea and Brazil. The Partnership is structured as a master
limited partnership. The Partnership’s common units trade on the
New York Stock Exchange (“NYSE”) under the symbol “KNOP.”
FORWARD LOOKING STATEMENTS
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. Forward-looking statements include
statements with respect to, among other things, the closing of the
New Torill Facility.
All forward-looking statements included in this release are made
only as of the date of this release on. 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 its expectations with respect
thereto or any change in events, conditions or circumstances on
which any such statement is based.
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KNOT Offshore Partners LPJohn Costain, +44 1224
618420Chief Executive Officer and Chief Financial Officer
KNOT Offshore Partners (NYSE:KNOP)
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