ABERDEEN, Scotland--(BUSINESS WIRE)--
KNOT Offshore Partners LP (the “Partnership”) (NYSE: KNOP) announced
today that it has closed its previously announced public offering of
3,000,000 common units, representing limited partner interests in the
Partnership.
The Partnership also announced that its subsidiary, KNOT Shuttle Tankers
15 AS, which owns the vessel Torill Knutsen, has entered into a
term sheet for a new $100 million senior secured term loan facility (the
“New Torill Facility”) with The Bank of Tokyo-Mitsubishi UFJ, which will
act as agent. The New Torill Facility is expected to be repayable in 24
consecutive quarterly installments with a balloon payment of $60.0
million due at maturity. The New Torill Facility is expected to bear
interest at a rate per annum equal to LIBOR plus a margin of 2.1%. The
facility is expected to mature in 2023 and be guaranteed by the
Partnership. The New Torill Facility would refinance a $74.4 million
loan facility associated with the Torill Knutsen that bears
interest at a rate of LIBOR plus 2.5% and is due to be paid in full in
November 2018. Closing of the New Torill Facility is anticipated to
occur by the end of 2017.
About KNOT Offshore Partners LP
The Partnership owns, operates and acquires shuttle tankers under
long-term charters in the offshore oil production regions of the North
Sea and Brazil. The Partnership is structured as a master limited
partnership. The Partnership’s common units trade on the New York Stock
Exchange (“NYSE”) under the symbol “KNOP.”
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements
concerning future events and the Partnership’s operations, performance
and financial condition. Forward-looking statements include, without
limitation, any statement that may predict, forecast, indicate or imply
future results, performance or achievements, and may contain the words
“believe,” “anticipate,” “expect,” “estimate,” “project,” “will be,”
“will continue,” “will likely result,” “plan,” “intend” or words or
phrases of similar meanings. These statements involve known and unknown
risks and are based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies, many
of which are beyond the Partnership’s control. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Forward-looking statements include statements with respect
to, among other things, the closing of the New Torill Facility.
All forward-looking statements included in this release are made only as
of the date of this release on. New factors emerge from time to time,
and it is not possible for the Partnership to predict all of these
factors. Further, the Partnership cannot assess the impact of each such
factor on its business or the extent to which any factor, or combination
of factors, may cause actual results to be materially different from
those contained in any forward-looking statement. The Partnership does
not intend to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in its
expectations with respect thereto or any change in events, conditions or
circumstances on which any such statement is based.

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Source: KNOT Offshore Partners