Teekay LNG Partners L.P. Announces Direct Equity Placement (Bermuda)

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) announced today that it has agreed to sell approximately 1.7 million common units to an institutional investor for net proceeds, including its general partner’s proportionate capital contribution, of approximately $51 million.

The common units are being sold pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission.

The Partnership intends to use the net proceeds from the sale for general partnership purposes, which may include funding newbuilding deliveries or future vessel acquisitions.

After this sale, the Partnership will have approximately 54.1 million common units outstanding.

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Source: teekaylng, July 16, 2010;