Teekay Corporation closes financing, Teekay LNG Partners to follow by end 2016

Teekay Corporation and Teekay Offshore Partners have completed and closed their financing initiatives with Teekay LNG Partners working to follow the same footpath in the near future. 

According to a company statement on Wednesday, Teekay completed financing initiatives which include US$$350 million in bank financing and $100 million in equity capital, and reached a deal to sell its remaining conventional tanker, the Shoshone Spirit.

Peter Evensen, Teekay Corporation’s president and CEO noted that, although not part of these financing initiatives, “Teekay LNG Partners has continued to make progress in securing the required financing for its committed growth projects which deliver through 2020.”

It is expected that Teekay LNG Partners will close the majority of its financing initiatives by the end of the year.

In addition, Evensen said that Teekay Offshore closed its financing in the amount of $400 million in bank financing, $200 million of equity capital, and the deferral of certain bond maturities.

LNG World News Staff