KNOT Offshore Partners Prices Offering Of 4.6 Mln Units At $28.43 Per Unit

(RTTNews) - KNOT Offshore Partners LP (KNOP) said it has priced its public offering of 4.6 million common units, representing limited partner interests, at a price of $28.43 per unit.

The partnership has granted the underwriters a 30-day option to purchase up to an additional 690,000 common units.

The partnership plans to use the net proceeds from the offering and the related capital contribution by its general partner to maintain its 2 percent general partner interest, to fund the acquisitions of two shuttle tankers - the HildaKnutsen and the Torill Knutsen - from Knutsen NYK Offshore Tankers AS, and the remainder for general partnership purposes.

If the acquisitions do not close, the partnership will use the net proceeds and the related capital contribution by its general partner for general partnership purposes.

The partnership owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. It is structured as a master limited partnership.