Teekay lines up USD 1 bln loan facilities with CEXIM

Vancouver-based Teekay Corporation said that it has entered into a framework cooperation agreement with the Export-Import Bank of China for up to $1 billion in new loan facilities.

Such loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners, Teekay Offshore Partners and Teekay Tankers, to finance the construction or conversion of vessels from shipyards in China over the next three years, the company said on Wednesday.

Vince Lok, Teekay Corporation’s Executive Vice President and Chief Financial Officer said the company expects that the shipyards in China will become an increasingly important supplier of vessels for Teekay, as it was recently the case with the construction of Teekay Offshore’s units for maintenance and safety in China.

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