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"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder
"For the things we have to learn before we can do them, we learn by doing them." - Aristotle
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Golar LNG Limited Launches Public Follow-On Offering of its Common Stock
ReplyDeleteHamilton, Bermuda - (June 24, 2014) - Golar LNG Limited (the "Company") (NASDAQ: GLNG) announced today the commencement of a registered offering of 11,000,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,650,000 common shares to cover over-allotments. The proceeds of the offering are expected to be used to (i) fully fund initial milestone payments under a conditional agreement (the "Conversion Agreement") with Singapore's Keppel Shipyard Limited in connection with the conversion of an LNG carrier, the Hilli, to a floating liquefaction natural gas vessel and (ii) partly fund other future scheduled payments under the Conversion Agreement. Depending on the timing of these future scheduled payments, the Company may temporarily invest the remaining funds on a short-term basis or use the funds for other general corporate purposes.
BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley and RS Platou Markets AS are acting as joint book-running managers and Arctic Securities, DNB Markets, Fearnley Securities and Pareto Securities are acting as co-managers in the offering.