Tellurian withdraws notes offering

US LNG firm Tellurian said it would not proceed with its recently announced underwritten public offering of senior notes.

Tellurian said last week it had priced the underwritten public offering of $50 million aggregate principal amount of 8.25% senior notes due 2028.

However, Nasdaq informed Tellurian on Friday that it would not list the bonds due to a “procedural interpretation.”

“Clearly the massive retail investment market has been disruptive to the old rules guiding institutional investing, first in equities and now in bonds. Of course, we are disappointed with Nasdaq’s decision and wish it would have advised us earlier in the process,” Tellurian’s co-founder and executive chairman Charif Souki, said.

“The good news is that Tellurian has plenty of liquidity, we achieved a BBB+ investment grade rating, and we established a viable market for our debt securities. Tellurian appreciates the continued support from its sophisticated and well-informed retail investors, and we hope to have another debt offering in the future,” he said.

Exercise of stock

Tellurian also said that the underwriters of its recent public offering of its common stock exercised their option to purchase an additional 5.25 million shares.

This brings the total to 40.2 million shares purchased.

The total additional gross proceeds, before underwriters’ compensation and estimated expenses, from the new exercise of the option reached about $15.75 million, according to the Driftwood LNG developer.

- Advertisements -

Most Popular

Golden Pass LNG contractor Zachry files for bankruptcy

US construction company Zachry said on Tuesday it has filed for bankruptcy, initiating a structured exit from the Golden...

Hoegh LNG: commissioning of Brazilian FSRU completed

Commissioning of the FSRU Hoegh Giant which serves Cosan's LNG import terminal in Brazil's port of Santos has been...

Kinder Morgan secures more time for Gulf LNG export project

US energy company Kinder Morgan and its partners have secured more time from the US FERC to add liquefaction...

More News Like This

Tellurian updates on Driftwood LNG construction work

US LNG terminal developer Tellurian released the latest construction update for the first phase of its Driftwood LNG terminal...

Tellurian’s net loss widens in Q1, Driftwood LNG talks continue

US LNG firm Tellurian reported a widening first-quarter loss on Thursday, as it continues to work to secure financing...

Tellurian explores sale options, makes leadership changes

US LNG firm Tellurian, the developer of the Driftwood LNG export project in Louisiana, has made new changes to...

Tellurian expects to take FID on two Driftwood LNG plants in 2024

US LNG firm Tellurian said on Monday it expects to take a final investment decision in 2024 to build...