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Security Details
- Coupon Rate
- 8.75%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 10/5/2022
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 2.19
- Distribution Dates
- 2/15, 5/15, 8/15 & 11/15
- Credit Ratings
- Moody's NF · S&P NF (12/31/2023)
- Tax-Advantaged Dividends
- Yes
Security Profile
- CUSIP
- Y3262R118
- Market Cap
- Micro Cap
- IPO
- 9/28/2017 · $25.00/unit
- Previous Symbol
- HWLP-A (changed 1/3/2023)
- Parent Company
- Höegh LNG Partners LP (HMLP*)
Business: Höegh LNG Partners L.P., 8.75% Series A Cumulative Redeemable Preferred Units, liquidation preference $25 per unit, redeemable at the issuer's option on or after 10/5/2022 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 8.75% per annum ($2.1875 per annum or $0.546875 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date that will be the fifth Business Day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by these preferred units are generally eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see the prospectus for extensive further information starting at page S-56). <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: Dec. 5, 2022 -- Höegh LNG Partners LP (NYSE: HMLP) (the "Partnership") announces that its board of directors (the "Board") has approved the delisting of the Partnership's 8.75% Series A Cumulative Redeemable Preferred Units (the "Preferred Units"). The Partnership also plans to give notice to the New York Stock Exchange ("NYSE") 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").
The Partnership intends to file a Form 25 Notification of Removal from Listing with the SEC on or about December 23, 2022, and the delisting will be effective on or about January 2, 2023, ten days after the filing of the Form 25. In connection with the foregoing, the Partnership also intends to file a Form 15 with the SEC to suspend the Partnership's reporting obligations under the Securities Exchange Act of 1934, as amended, in connection with the Preferred Units. The Partnership 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 affected under the Partnership's limited partnership agreement. After the delisting and deregistration of the Preferred Units, the Partnership expects to continue to make annual and quarterly financial statements available to the public on its website.
Company Contact
- CEO
- Havard Furu
- CFO
- Havard Furu
- Investor Relations
- ir@hoeghlngpartners.com