Golar LNG Partners LP: Summons for Bondholder’s Meeting
April 01 2020 - 6:20PM
Golar LNG Partners LP (“Golar Partners” or “the
Partnership”) has, today, instructed Nordic Trustee to summon a
bondholders’ meeting for 21 April 2020 for the Partnership’s
Senior Unsecured Bond Issues maturing in May 2020 (GOLP02, ISIN NO
001 07 36481) and May 2021 (GOLP03, ISIN NO 001 0736481) (the “Bond
Issues”). The purpose of the meeting is to consider a
proposal for certain amendments to the terms of the Bond Issues,
all of which are referred in the attached copy of the summons (the
“Amendment Proposal”).
The background for the Amendment Proposal is the
recent Covid-19 virus induced deterioration in the macro-economic
environment which has made a refinancing of the Bonds in the
capital markets impossible in the short term.
A group of investors holding approximately 40%
of each of GOLP02 and GOLP03 have committed to support the
Amendment Proposal.
DNB Markets, Nordea, Danske Bank and SEB have
been retained as advisors to the Partnership.
As set out in a separate press release, the
Partnership announced today an update regarding its financial
strategy and ongoing initiatives in response to the Covid-19
pandemic. This includes a decision to reduce its quarterly common
distribution to $0.0202 per unit for the quarter
ended March 31, 2020 (from $0.4042 per unit in
the previous quarter). The Partnership will, as a consequence,
retain approximately $109 million of cash flow annually. This will
allow the Partnership to focus its capital allocation on debt
reduction, thus strengthening its balance sheet, while providing
enhanced financial flexibility in its capital allocation priorities
over time. The reduction will also result in lower breakeven
re-contracting rates across the Partnership’s fleet.
FORWARD LOOKING STATEMENTS
This press release contains certain
forward-looking statements concerning future events and the
Partnership’s operations, performance and financial condition.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain the words
“believe”, "anticipate”, “expect”, “estimate”, “project”, “will
be”, “will continue”, “will likely result”, “plan”, “intend” or
words or phrases of similar meanings. Such statements are generally
not historical in nature and specifically include statements about
the Partnership’s plans, strategies, business prospects and changes
and trends in the business in which it operates. In particular,
statements regarding the Partnership’s cash distributions and
common unit repurchase plan are considered forward looking
statements. These statements involve known and unknown risks and
are based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the Partnership’s control. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. New factors emerge from time to time,
and it is not possible for the Partnership to predict all of these
factors. Further, the Partnership cannot assess the impact of each
such factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement.
The Partnership does not intend to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Partnership’s expectations with respect
thereto or any change in events, conditions or circumstances on
which any such statement is based.
Golar LNG Partners LPHamilton, BermudaApril 1,
2020Questions should be directed to:c/o Golar Management Ltd - +44
207 063 7900Graham RobjohnsStuart Buchanan
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- Summons GOLP02 and GOLP03 1 April 2020
- GMLP Presentation to bondholders April 2020
Golar LNG Partners (NASDAQ:GMLP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Golar LNG Partners (NASDAQ:GMLP)
Historical Stock Chart
From Jul 2023 to Jul 2024