Teekay LNG Announces Public Offering of 3,700,000 Common Units (Bermuda)
Teekay LNG Partners L.P. announced that it plans to offer 3,700,000 common units representing limited partner interests in a public offering.
Teekay LNG expects to grant the underwriters a 30-day option to purchase an additional 555,000 common units to cover over-allotments, if any.
The Partnership intends to use a portion of the net proceeds from the public offering to fund the equity purchase price of its acquisition from Teekay Corporation of a 33 percent interest in four newbuilding 160,400-cubic meter liquefied natural gas (LNG) carriers which will commence operations under time-charter to the Angola LNG project upon each vessel’s respective delivery, scheduled between late 2011 and early 2012.
Pending delivery of the vessels, all interim and remaining net proceeds from the offering will be used to repay amounts outstanding on one of the Partnership’s revolving credit facilities.
Source: Teekay LNG Partners, April 5, 2011;