Cool Company Limited Closes $275 million Private Placement of Shares
January 27 2022 - 6:38PM
Cool Company Limited Closes $275 million Private Placement of
Shares
Reference is made to the press release issued on
the 27 January 2022. Golar LNG (“Golar”) is pleased to announce
that Cool Company Ltd. (“CoolCo” or “the Company”) has successfully
closed an upsized private placement of $275 million in new shares.
Following the equity raise CoolCo will have an initial equity value
of $400 million. Eastern Pacific Shipping (“EPS”) will be the
largest shareholder with a 38% shareholding, Golar will own 31% and
the public will own 31% of the Company.
The Shares will be listed on the N-OTC
immediately following completion of the Private Placement. CoolCo
will then apply to list the shares of the Company on Euronext
Growth Oslo during February 2022. CoolCo will also target an
additional listing on an internationally recognized stock exchange
during 2022.
Initially owning 8 modern TFDE LNG ships upon
closing of a Sale and Purchase Agreement in February, CoolCo
targets to become a growth vehicle and consolidator of modern LNG
carriers providing investors with direct market exposure to an
expected continued strength in the LNG freight market.
Karl Fredrik Staubo, CEO of Golar and CoolCo
commented:
“We are very pleased with the reception of
CoolCo. The Company will target to become a leading player for an
expected continued strengthening of LNG shipping fundamentals,
driven by new liquefaction capacity coming on stream, increasing
distances and effective supply reductions from new environmental
regulations effective from 1 January 2023.
We are excited to develop Cool Company with
Eastern Pacific Shipping and look forward to exploring
consolidation opportunities.”
Cyril Ducau, CEO of Eastern Pacific Shipping
commented:
“The strong market support for this transaction creates a solid
foundation for CoolCo. With a strong shareholder base, robust
capital structure, experienced team and strong LNG market
reputation the company is well equipped to realize value from an
enviable market position and build on favorable dynamics for LNG
shipping."
Clarksons Platou Securities AS and DNB Markets,
a part of DNB Bank ASA acted as joint global coordinators and
bookrunners, ABG Sundal Collier ASA and Fearnley Securities AS
acted as joint bookrunners and Danske Bank Norwegian Branch and
Nordea Bank Abp, filial i Norge acted as joint lead managers.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934, as amended) which reflects management’s current
expectations, estimates and projections about CoolCo’s plans and
operations, including the consummation of transactions contemplated
by the Terms Agreement, including the Private Placement, listing
and debt financing. All statements, other than statements of
historical facts, that address plans, operations, activities and
events that will, should, could or may occur in the future pursuant
to the Terms Agreement, Private Placement, listing or debt
financing are forward-looking statements. Words such as “may,”
“could,” “should,” “would,” “expect,” “plan,” “anticipate,”
“intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,”
“potential,” “continue,” or the negative of these terms and similar
expressions are intended to identify such forward-looking
statements.
These statements are not guarantees of future
performance of the transactions described herein or CoolCo’s LNG
business activities and are subject to certain risks, uncertainties
and other factors, some of which are beyond our control and are
difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted with respect
to the transactions necessary for the creation, financing and
listing of CoolCo. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Neither CoolCo nor Golar LNG Limited undertakes any
obligation to update publicly any forward-looking statements
whether as a result of new information, future events or otherwise,
unless required by applicable law.
Hamilton, Bermuda
27 January 2022
Enquiries:Golar Management Limited: + 44 207 063 7900Karl
Fredrik Staubo - CEOEduardo Maranhão - CFOStuart Buchanan - Head of
Investor Relations
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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