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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >