Tellurian in 12mn Share Offering
US LNG developer Tellurian said June 19 it is offering 12mn of its common shares in an underwritten public offering, with expected proceeds of $118.8mn to be used for general corporate purposes, including pipeline development.
Credit Suisse Securities (USA) is acting as sole book-running manager for the offering, with Stifel, Cowen and Company, Seaport Global Securities and Tuohy Brothers Investment Research as co-managers. The underwriters have been granted a 30-day option to purchase up to 1.8mn additional shares to cover any over-allotments.
Tellurian is developing its integrated 27.6mn metric tons/year Driftwood LNG project in Louisiana, which includes the liquefaction terminal, $7bn of pipeline infrastructure assets and some 1.4 trillion ft3 of natural gas resource in the Haynesville shale gas basin. FID is expected in 2H 2019.
The offering is expected to close June 21, subject to the satisfaction of customary closing conditions.