Teekay LNG Partners Eyes Fresh Funds

Image Courtesy: Teekay

Owner and operator of liquefied natural gas carriers Teekay LNG Partners is selling shares to raise fresh funds for debt repayments or funding installment payments on future newbuilding deliveries.

The company has priced its public offering of 5 million 9% Series A Preferred Units, representing limited partner interests, at USD 25 per unit.

Distributions will be payable on the Series A Preferred Units at a rate of 9% per annum of the stated liquidation preference of USD 25, the shipowner said.

Expected to close on October 5, 2016, the offering includes a 30-day option which was granted to the underwriters to purchase up to an additional 750,000 shares.

Furthermore, Teekay LNG said that it intends to apply to have the shares listed on the New York Stock Exchange.

Earlier this week the company secured work for its previously unchartered 174,000 cubic meter MEGI LNG carrier newbuilding that is scheduled for delivery in early-2019.

Teekay LNG Partners entered into a 15-year time-charter contract with the Yamal LNG project, to provide Yamal LNG with conventional liquefied natural gas (LNG) transportation services.

The Partnership will now provide the project, scheduled to commence production in 2017, with both icebreaker and conventional LNG transportation services.

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