Golar LNG Partners doubles its unit repurchase program

Golar-LNG

Despite a positive initial response to the October 24, 2018 distribution cut, the Board of Golar LNG Partners L.P. believes that the current unit price does not reflect the underlying value of the business, its prospects or the sustainability of the new distribution.

Given the current yield of approximately 13%, unit repurchases also represent an attractive rate of return on the Partnership’s surplus cash.

The Board has therefore authorized an increase to the common unit repurchase program announced in March 2018, from $25 million to $50 million.

This facility will remain available until March 2020. Under the terms of the repurchase program, the Partnership may repurchase common units from time to time, at the Partnership’s discretion, on the open market or in privately negotiated transactions.

Any repurchases are subject to market conditions, applicable legal requirements and other considerations.

Common units will be purchased only during periods where the Partnership is not aware of material inside information that would likely affect a seller’s decision to sell.

The Partnership is not obligated under the repurchase program to repurchase any specific dollar amount or number of common units, and the repurchase program may be modified, suspended or discontinued at any time.

Any common units repurchased by the Partnership under the program will be cancelled.

LEAVE A COMMENT

×

Comments are closed.