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.

Most Popular

LNG Canada to send third cargo

Shell-led LNG Canada is expected to soon ship the third cargo of liquefied natural gas from the Kitimat facility, according to shipping data.

Hyundai LNG Shipping sells another carrier for scrap

South Korea's Hyundai LNG Shipping has sold another steam liquefied natural gas (LNG) carrier for scrap, according to brokers.

Technip Energies wins contract for Eni’s Coral Norte FLNG

France-based LNG engineering giant Technip Energies has won a contract for preliminary work on Eni's second FLNG project in Mozambique, Coral Norte (Coral North).

More News Like This

Woodside, Stonepeak wrap up Louisiana LNG stake sale

Australian LNG player Woodside has completed the previously announced sell-down of a 40 percent stake in its Louisiana LNG project to US private equity firm Stonepeak.

Aramco plans to join Woodside’s Louisiana LNG project

Saudi Arabia’s energy behemoth Aramco plans to take a stake in Woodside's Louisiana LNG export project.

Wood bags Louisana LNG pipeline gig from Woodside

UK-based consulting and engineering firm Wood has secured a contract from Australian LNG player Woodside for the latter's Line 200 pipeline project, which will deliver natural gas to the recently approved Louisiana LNG project.

BP to supply feed gas to Woodside’s Louisiana LNG

UK-based energy giant BP has agreed to supply feed gas to Woodside's three-train, 16.5 mtpa Louisiana LNG export project.