Bermuda: Teekay LNG Plans Stock Issue

Teekay LNG Partners announced that it plans to offer 3,000,000 common units, which represent limited partner interests, in a public offering.

Teekay LNG expects to grant the underwriters a 30-day option to purchase up to an additional 450,000 common units.

The Partnership intends to use the net offering proceeds to partially fund its acquisition of a second LNG carrier newbuilding from Norway-based Awilco LNG ASA and for general Partnership purposes, which may include funding installment payments on future newbuilding deliveries and future vessel acquisitions.

Pending the use of the proceeds, the Partnership intends to repay a portion of its outstanding debt under two of its revolving credit facilities.

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LNG World News Staff, October 02, 2013