The newly formed shipping firm CoolCo has completed acquisition of fifth and sixth out of eight LNG carriers from Bermuda-based shipper Golar LNG.
Cool Company completed the acquisition on 4 April 2022.
These completions covered all of the shares in the following of Golar’s subsidiaries: Golar Hull M2047 (the owner of Golar Snow ) and Golar LNG NB10 Corporation (the owner of Golar Glacier ). Therefore, the company has purchased six out of the planned eight LNG carriers from Golar so far.
The total purchase price for the shares in these subsidiaries was financed by a drawing under CoolCo’s senior secured bank facility, a cash payment to Golar, and the subscription by Golar of 3,125,000 new common shares of $1 par value in CoolCo at a subscription price of $10.
Hence, there are now 36,885,000 shares in issue in CoolCo, each of which represents one vote in the company.
In total, the new share capital of the company is $36,885,000. The shares in the company are fully paid and validly issued under Bermuda law.
To remind, at the end of 2021 Golar said it will separate eight of its LNGCs into a new company. In addition to Golar, Eastern Pacific Shipping also took on an active role in the further development of CoolCo.
The parties agreed on the final terms for the first acquisition in January 2022.
The first completions took place In March. They covered LNGCs Golar Crystal , Golar Frost , Golar Seal , and Golar Bear .