Watson, Farley & Williams (“WFW”), has advised Hoegh LNG Partners LP, a Marshall Islands limited partnership (“HMLP”), on its recently completed IPO on the New York Stock Exchange. HMLP raised US$220.8 million in gross proceeds in the IPO, selling approximately 11 million common units at US$20 each.

HMLP was formed by Hoegh LNG Holdings Ltd. (“Hoegh LNG”), a leading floating LNG services provider, and the units sold to the public in the IPO represent a 42% limited partner interest in HMLP, with Höegh LNG holding the remaining 58%. Working alongside Vinson & Elkins LLP, who acted as U.S. legal advisor to HMLP, WFW New York provided Marshall Islands law advice and WFW London provided English law advice relating to HMLP’s underlying contracts and financial arrangements.

HMLP owns and operates floating storage and regasification units (FSRUs), which act as floating LNG import terminals. A long-time client of WFW, the firm recently advised Höegh LNG on its US$412 million financing of two FSRU newbuildings, which closed in April this year, and the contractual arrangements for the FSRU “Independence”. The Independence was delivered by Hyundai in May for long term charter to AB Klaipedos Nafta in Lithuania.

The WFW team was led by New York Corporate partner Steven Hollander and by London Maritime partner David Osborne.