Hoegh LNG to acquire 51% interest in the FSRU Hoegh Grace
Hoegh LNG has agreed to acquire from a subsidiary of Hoegh LNG Holdings a 51% ownership interest in Hoegh LNG Colombia Holding, the sole owner of Hoegh LNG FSRU IV and Hoegh LNG Colombia, the entities that own and operate the floating storage and regasification unit Hoegh Grace, and contribute the acquired ownership interest to HMLP's operating company. The purchase price for the Acquisition will be $188.7M, less $96.9M, the pro rata amount of indebtedness related to the Hoegh Grace that is expected to be outstanding under the credit facility related to the vessel as of the closing date of the Acquisition. In addition, HMLP has the option to purchase the remaining ownership interest in Grace Holding. HMLP intends to settle the Purchase Price with cash. The transaction is expected to be completed by the end of January 2017.