Business Context and Reporting Period
This Form 6-K filing by KNOT Offshore Partners LP covers the month of May 2017, with the report dated May 17, 2017. The registrant is a foreign private issuer based in Aberdeen, United Kingdom, reporting significant corporate transactions including a pending asset acquisition and a secondary equity offering.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on transactional announcements rather than periodic financial performance results.
Material Changes and Transactions
- Pending Acquisition: On May 16, 2017, KNOT Shuttle Tankers AS (a wholly owned subsidiary) entered into a Share Purchase Agreement to acquire the company owning the shuttle tanker Vigdis Knutsen from Knutsen NYK Offshore Tankers AS. The transaction is expected to close by June 1, 2017, subject to customary conditions.
- Second Private Placement: On May 16, 2017, the Partnership agreed to issue and sell 1,666,667 additional Series A Preferred Units at a price of $24.00 per unit. This placement is expected to close on June 30, 2017, subject to customary conditions.
Guidance, Outlook, and Risks
Management commentary is limited to the status of the two major transactions. Both the acquisition of the Vigdis Knutsen and the Second Private Placement are contingent upon the satisfaction of customary closing conditions. No specific financial guidance, risk factors, or unusual items are detailed in this specific filing text.
Investor Verification Checklist
- Verify the closing of the Vigdis Knutsen acquisition by June 1, 2017.
- Confirm the successful closing of the Second Private Placement of 1,666,667 Series A Preferred Units by June 30, 2017.
- Review the attached Share Purchase Agreement (Exhibit 4.1) for specific terms and conditions of the tanker acquisition.
- Review the Second Amendment to the Series A Preferred Unit Purchase Agreement (Exhibit 4.2) for details on the equity issuance.