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Stock Market & Financial Investment News

News Breaks
June 24, 2014
09:13 EDTKNOPKNOT Offshore Partners 4.6M share Spot Secondary priced at $28.43
BofA/Merrill, Citigroup, Barclays, Raymond James, RBC Capital, UBS and Wells Fargo acted as joint book running managers for the offering.
News For KNOP From The Last 14 Days
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December 10, 2014
05:54 EDTKNOPKNOT board believes there are significant growth opportunities for partnership
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05:47 EDTKNOPKNOT Offshore Partners to acquire Dan Cisne
KNOT Offshore Partners announced that its wholly owned subsidiary, KNOT Shuttle Tankers AS, had entered into a share purchase agreement to acquire KNOT Shuttle Tankers 20 AS, the company that owns the shuttle tanker Dan Cisne, from Knutsen NYK Offshore Tankers AS for a purchase price of $103.0M less approximately $82.1M of existing bank debt related to the Dan Cisne. The acquisition is expected to close on or before December 31, subject to customary closing conditions. The Dan Cisne is a 59,000 deadweight ton shuttle tanker, built by Cosco Nantong in China. The Partnership’s management believes that the acquisition will be accretive to unitholders and has recommended that, upon completion of the acquisition, the board of the Partnership consider an increase in the quarterly cash distribution of between 1c-1.5c with respect to the quarter ending March 31, 2015. This corresponds to an annual increase of between 4c-6c per unit, or 2.0%-3.0% per unit to an annualized distribution of between $2.00-$2.02 per unit. Any such increase would be conditioned on, among other things, the closing of the acquisition of the Dan Cisne, approval of such increase by the board and the absence of any material adverse developments or potentially attractive opportunities that would make such an increase inadvisable.

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