Teekay LNG Offers 4,6 Million Common Shares, Bermuda

Teekay LNG Partners announced that it plans to offer 4,600,000 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 690,000 common units.

The Partnership intends to use the net offering proceeds for general Partnership purposes, which may include funding potential future newbuilding deliveries or 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.

Teekay LNG is a publicly-traded master limited partnership formed by Teekay Corporation as part of its strategy to expand its operations in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors. Teekay LNG provides LNG, LPG and crude oil marine transportation services under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet of 27 LNG carriers, five LPG carriers, ten Suezmax-class crude oil tankers and one Handymax product tanker. The Partnership’s interests in these vessels range from 33 to 100 percent.

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LNG World News Staff, September 05, 2012