CoolCo buys two more LNG carriers from Golar

New LNG shipping firm CoolCo, formed by Tor Olav Troim-led Golar LNG and Idan Ofer’s Eastern Pacific Shipping, bought two more LNG vessels from Golar as part of a deal revealed in December.

In two separate statements, CoolCo said it had completed the purchase of the second and the third carrier out of eight from Golar.

The LNG carriers in question are the 160,000-cbm Golar Frost and the 160,000-cbm Golar Seal.

According to CoolCo, the purchase price for both of the vessels was financed by a drawing under CoolCo’s senior secured bank facility and a cash payment to Golar.

The deals also include the subscription by Golar of new common shares of $1.00 par value in CoolCo at a subscription price of $10.00.

There are now 32,197,500 shares in issue in CoolCo.

These deals follow the purchase of the first vessel Golar Crystal earlier this month.

Besides these LNG carriers, CoolCo will buy five more vessels from Golar as part of the deal between Golar and EPS revealed in December last year.

The TFDE vessels, built between 2013 and 2015, have each a capacity of about 160,000 cbm.

CoolCo financed the acquisition by concluding a $570 million senior secured bank facility and the raising of $275 million in gross proceeds in a recent private placement of new shares.

The firm added that it expects to complete the transfers of title to the shares in the remaining five vessel subsidiaries of Golar in “the short term”.

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