CoolCo files for direct listing on NYSE

LNG carrier operator CoolCo has filed a registration statement with the US SEC, with the intention of directly listing its shares on the New York Stock Exchange (NYSE).

Subject to the registration statement being declared effective by the SEC, the company’s shares will be registered with the SEC and listed for trading on the NYSE in addition to the Euronext Growth Oslo under the ticker “CLCO” from March 15, 2023, according to a statement by CoolCo.

No new CoolCo securities will be issued in connection with the share listing on the NYSE.

CoolCo also expects to change its ticker code

In connection with the listing, CoolCo also expects to change its ticker code on Euronext Growth Oslo from “COOL” to “CLCO”.

The company, formed by Idan Ofer’s Eastern Pacific Shipping and Tor Olav Troim’s Golar LNG, said it would provide further details in “due course”.

In order to facilitate transfer of shares between the two trading venues, CoolCo intends to amend the registration structure for its shares whereby all shares will be primarily held and settled within the Depository Trust Company (DTC) in the US and secondarily held and settled in Euronext Securities Oslo through a Central Securities Depository link.

Following the reregistration process, the company’s shares will be able to be moved between the DTC and VPS to enable trading between the respective trading venues.

Also, a trading suspension in the CoolCo shares will be required for a period of time in connection with the reregistration process, expected to be two trading days, and the company will make a request to Oslo Bors to approve such suspension, it said.

Expanding investor base

“By listing on the NYSE, we are expanding our investor base and providing US investors with access to CoolCo’s unique combination of attractive dividends and exposure to the fast-growing global demand for LNG transportation,” CoolCo CEO Richard Tyrrell said in the statement.

“Upon listing, CoolCo will be one of the largest of a limited number of US publicly traded companies that are connecting global markets with LNG,” he said.

CoolCo owns eight TFDE LNG vessels it bought from Golar and the four vessels it purchased from Quantum Crude Tankers, an affiliate of EPS. These four LNG carriers serve Shell under charter deals.

Besides these owned vessels, CoolCo manages a fleet of third-party vessels and floating LNG infrastructure assets.

According to CoolCo’s website, EPS has a 49.9 percent stake in the company, Golar LNG owns 8.3 percent of the firm, and public investors hold the rest.

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