Teekay to Raise USD 40 Million for LNG Newbuildings (Bermuda)

Teekay GP, the general partner of Teekay LNG Partners, said that it has issued approximately 0.93 million common units in a private placement to an institutional investor for proceeds of approximately $40 million.

The Partnership intends to use the proceeds from the sale of common units to partially fund its previously announced order of two fuel-efficient liquefied natural gas (LNG) carrier newbuildings ordered in July 2013, scheduled for delivery in 2016, and for general partnership purposes.

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LNG World News Staff, July 31, 2013