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Stock Market & Financial Investment News

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July 1, 2014
06:38 EDTKNOPKNOT Offshore Partners completes acquisition of Hilda Knutsen and Torill Knutsen
KNOT Offshore Partners announced that it has completed its acquisition of all the ownership interests in the companies that own and operate the shuttle tankers Hilda Knutsen and Torill Knutsen. The purchase price of the Hilda Knutsen was $166.0M, net of $109.6M of outstanding indebtedness related to the vessel, subject to post-closing adjustments. The purchase price of the Torill Knutsen was $169.0M, net of $112.1M of outstanding indebtedness related to the vessel, subject to post-closing adjustments. The cash portion of the purchase prices was financed with proceeds from the Partnership's public offering of 4,600,000 common units which closed on June 27, 2014.
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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