Teekay LNG targets bond issue in Norwegian market

Teekay LNG Partners revealed that it intends to issue a minimum of NOK 700 million in new senior unsecured bonds in the Norwegian bond market that mature in May 2020. 

At current conversion rates, bonds have an aggregate principal amount equivalent to approximately USD 90 million.

The net proceeds from the bonds are expected to be used for general partnership purposes, including funding of newbuilding installments,  the company said in a statement.

Teekay LNG expects to apply for listing of the bond on the Oslo Stock Exchange.

A portion of the bonds may be offered in the United States to qualified institutional investors.

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

1 NOK = 0.13 USD

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Image: Teekay LNG

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