Teekay LNG nets $35 million in bonds sale

Image courtesy of Teekay

Teekay LNG Partners, one of the world’s largest owners of LNG carriers, has completed its previously announced bond issue in the Norwegian bond market.

Bermuda-based Teekay LNG has issued NOK 300 million ($35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021.

The shipping company said in a statement that all payments would be swapped into a US dollar fixed-rate coupon of approximately 7.75%.

The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries.

Teekay LNG has interests in 50 LNG carriers, including 19 newbuildings. The company’s shares trade on the New York stock exchange.

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