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.

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