Teekay LNG Partners eyes bonds issuance to fund newbuilds

Teekay LNG Partners, a partnership formed by Teekay Corporation, intends to issue new five-year senior unsecured bonds in the Norwegian bond market. 

Net proceeds from the bonds are expected to be used to fund newbuilding installments, as well as to refinance NOK bonds maturing in May 2017 and general partnership purposes.

Teekay LNG expects to apply for listing of the bonds on the Oslo stock exchange, according to the partnership’s statement, while a portion of the bonds may be offered in the United States to qualified institutional investors.

Danske Bank Markets, DNB Markets, Nordea Markets and Swedbank Norway have been appointed as joint lead managers of the contemplated bond issuance.