GBA Presents: THE BARE ESSENTIALS

  • Excelerate Energy is an LNG play IPO
  • The company has been in the LNG business almost two decades and operates a fleet of regasification vessels and terminals.
  • Revenues doubled last year and the company is set to expand into LNG-to-power and local gas distribution.
  • The LNG macro backdrop is increasingly attractive.
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TALK ABOUT RIGHT TIME/ RIGHT PLACE
 
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  • Use of proceeds:
    • $281 mm for growth projects in Brazil, Albania, Philippines, and Bangladesh.
    • $50 mm to purchase vessels in connection with reorganization of the go-forward entity.
    • The offering will fund near term capital needs but as they note this is not a needed liquidity event for them.
  • The company will be majority held (80%) by the Kaiser family in the wake of the offering. Kaiser is selling no shares with this offering.
  • They don't see a need to raise additional capital for the next two years.
 
BTW- I have received two emails questioning whether UPSTART could possibly be a Bare Essential... But I take the view of the lender. And for the lender they can do so much better using UPST. So from a Bank's point of view UPST is indispensable.>
 
This EE beckons. 80 % owned by the family is almost too much! They could just flip at any time and take her private again. Which would be a neat trick.

I have a hard time seeing this idea not go up from here.

I do wish it was more US based. They are quite global. >
 
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