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Golar LNG Partners prices IPO at USD22.50 per unit.

M2 EQUITYBITES-April 8, 2011-Golar LNG Partners prices IPO at USD22.50 per unit(C)2011 M2 COMMUNICATIONS

Golar LNG Limited (Nasdaq:GLNG) announced on Thursday that Golar LNG Partners LP, its wholly-owned subsidiary and a Marshall Islands limited partnership, has priced its initial public offering of 12,000,000 of the partnership's common units at USD22.50 per unit.

The company said that the offering was priced above the initial estimated price range with strong demand.

The 12,000,000 common units are being sold by Golar and represent a 30.1% limited partnership interest in the partnership. The offering size will increase to 13,800,000 common units if the underwriters exercise their over-allotment option in full.

The common units will trade on The Nasdaq Global Select Market under the symbol 'GMLP'.

Upon closing of the offering, Golar will immediately own the partnership's general partner and an approximate 67.9% limited partner interest in the partnership. Golar will also own 81% of the partnership's incentive distribution rights, which will entitle it to increasing percentages of the cash the partnership distributes in excess of certain target distribution amounts.

Golar LNG Energy Limited will own the remaining 19% of the incentive distribution rights.

Golar said that it intends to use the net proceeds of the offering to expand its fleet.

Citi, BofA Merrill Lynch and Morgan Stanley acted as the joint bookrunning managers of the offering. Citi and Evercore Partners served as co- structuring agents on behalf of Golar in connection with the offering.

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Publication:M2 EquityBites (EQB)
Date:Apr 8, 2011
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