Teekay LNG Partners Secures USD 816 Mn Loan for LNG Carriers

Owner and operator of liquefied natural gas carriers Teekay LNG Partners has completed a USD 816 million long-term debt facility to finance all six of its 50-percent owned ARC7 LNG carrier newbuildings.

The first vessel from the batch is scheduled to join its owner in January 2018, while the remaining ships would be delivered through to early-2020.

Teekay LNG Partners said that these newbuildings will service the Yamal LNG project under charter contracts with firm charter periods out to 2045 plus option periods.

“Together with our joint venture partner, China LNG Shipping, we are pleased to announce this significant project milestone for our ARC7 LNG carrier newbuildings for the Yamal LNG project, which has successfully commenced producing LNG at the first train and recently completed its first LNG cargo loading,” Brody Speers, Chief Financial Officer of Teekay Gas Group Ltd, said.

“With the long-term financing for all six of our 50-percent owned ARC7 vessels now in place, we look forward to the expected delivery and charter contract commencement of our first ARC7 LNG carrier newbuilding in January 2018,” Speers added.

With the completion of this ARC7 financing, the Partnership has now completed USD 2.2 billion in debt financings for the newbuildings in the past 12 months and has financed 14 of its remaining 15 LNG carrier newbuildings, including one floating storage unit.

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