Teekay LNG sells shares to fund newbuilds

Teekay LNG Partners said on Monday it plans to sell shares in a public offering to fund newbuilding deliveries. 

The company said it expects to grant underwriters for the offering a 30-day option to purchase additional shares.

Besides funding the installment payments on newbuilding deliveries, the partnership plans on using the net proceeds for general partnership purposes and debt payments.

Teekay LNG, the owner and operator of LNG carriers has interest in 50 LNG vessels, including 17 newbuildings, 30 LPG/multigas carriers, including three newbuildings and five conventional tankers.