Golar LNG Partners LP to Voluntarily Delist its 8.75% Series A Cumulative Redeemable Preferred Units

Rhea-AI Summary

New Fortress Energy (NFE) has successfully completed the acquisition of Golar LNG Partners (GMLP) on April 15, 2021. NFE purchased all outstanding common units of GMLP at $3.55 per unit. Following the acquisition, GMLP's board approved the delisting of its 8.75% Series A Cumulative Redeemable Preferred Units, effective on or about May 13, 2021. The delisting follows NASDAQ's notification that the Preferred Units do not meet listing requirements, and GMLP will also suspend its reporting obligations regarding the Units.

Positive

• Successful acquisition of GMLP by NFE highlights growth strategy.
• Acquisition price of $3.55 per unit reflects a strategic investment.

Negative

• Delisting of GMLP's Preferred Units may reduce liquidity for investors.
• Preferred Units no longer meet NASDAQ listing requirements, indicating potential operational challenges.

Golar LNG Partners LP (Nasdaq: GMLP) (“GMLP”) announced the completion of its sale to New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) on April 15, 2021.

In connection with the sale to NFE, NFE has acquired all of the outstanding common units of GMLP for $3.55 per common unit in cash and GMLP’s general partner for equivalent consideration based on the general partner’s economic interest in GMLP.

On April 23, 2021, the GMLP board of directors approved delisting the GMLP’s 8.75% Series A Cumulative Redeemable Preferred Units (the “Preferred Units”). GMLP also plans to give notice to NASDAQ of its intent to voluntarily delist the Preferred Units and to withdraw the registration of its Preferred Units with the Securities and Exchange Commission (“SEC”).

GMLP intends to file a Form 25 Notification of Removal from Listing with the SEC on or about May 3, 2021, and the delisting will be effective on or about May 13, 2021, ten days after the filing of the Form 25. In connection with the foregoing, GMLP also intends to file a Form 15 with the SEC to suspend GMLP’s reporting obligations under the Securities Exchange Act of 1934, as amended, in connection with the Preferred Units. GMLP has not arranged for listing and/or registration on another national securities exchange or for quotation of the Preferred Units in a quotation medium. However, the rights of the holders of the Preferred Units will not be effected under GMLP’s limited partnership agreement.

GMLP is delisting the Preferred Units because NASDAQ has informed GMLP that the Preferred Units no longer meet the listing requirements of NASDAQ Global Market Rule 5450.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210423005560/en/

FAQ

What was the acquisition price of Golar LNG Partners by New Fortress Energy?

New Fortress Energy acquired Golar LNG Partners for $3.55 per common unit in cash.

When did New Fortress Energy complete the acquisition of Golar LNG Partners?

The acquisition was completed on April 15, 2021.

What actions did Golar LNG Partners take regarding its Preferred Units?

Golar LNG Partners approved delisting its 8.75% Series A Cumulative Redeemable Preferred Units, effective on or about May 13, 2021.

Why is Golar LNG Partners delisting its Preferred Units?

Golar LNG Partners is delisting its Preferred Units because they no longer meet NASDAQ listing requirements.

What will Golar LNG Partners file with the SEC regarding its Preferred Units?

Golar LNG Partners intends to file a Form 25 Notification of Removal from Listing and a Form 15 to suspend reporting obligations.