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KNOT Offshore Partners raising $50m via private placement

KNOT Offshore Partners has outlined plans to pocket $50m from a proposed private placement of preferred equity. The company is pushing ahead with a 2.08m new units priced at $24 per unit in a transaction that will close next month.

Net proceeds, KNOT Offshore said in a release, will be used for general partnership purposes, which may include acquisitions, capital expenditures or the repayment of indebtedness.

Last week KNOT Offshore completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Raquel Knutsen.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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