Höegh LNG Partners LP, an MLP formed by Höegh LNG to own three floating storage and regasification units, announced terms for its IPO on Monday. The Oslo, Norway-based company plans to raise $192 million by offering 9.6 million units at a price range of $19 to $21. At the midpoint of the proposed range, the MLP would command a fully diluted market value of $526 million.
Another LNG-related shipping growth MLP carved out of a publicly-listed company, GasLog Partners (GLOP), is up 59% since its May IPO. Additionally, Dynagas LNG Partners (GLNG) has gained 34% since going public in November 2013.
Höegh LNG Partners LP, which was founded in 2014 and booked $41 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol HMLP. Citi, BofA Merrill Lynch, Morgan Stanley, Barclays and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of August 4, 2014.
