Jan 27 (LNGJ) - Golar LNG has provided a further update on the formation of Cool Company Ltd along with Eastern Pacific Shipping, the Singapore-based shipping line. Golar and Eastern Pacific have agreed to join forces to run a Golar spin-off initially comprising eight tri-fuel, diesel-electric LNG carriers in the firm called CoolCo. Golar said that “based on investor feedback” CoolCo has now decided to launch a book-building process for a private placement of $250 million.
“The anticipated proceeds, together with a contemplated debt refinancing, will be used to finance the acquisition of the 8 TFDE vessels from Golar, secure attractive financing and provide CoolCo with working capital,” it explained. “Eastern Pacific has pre-subscribed and guaranteed an allocation of a minimum $150M in the contemplated private placement,” it added. The book-building period in the placement is underway and closes on January 28 at 16:30 Central European Time.
