Teekay LNG Partners L.P. Announces Public Offering of 3,700,000 Common Units
April 04 2011 - 4:16PM
Marketwired
Teekay LNG Partners L.P. (NYSE: TGP) (Teekay LNG or the
Partnership) announced today that it plans to offer 3,700,000
common units representing limited partner interests in a public
offering. Teekay LNG expects to grant the underwriters a 30-day
option to purchase an additional 555,000 common units to cover
over-allotments, if any. The Partnership intends to use a portion
of the net proceeds from the public offering to fund the equity
purchase price of its acquisition from Teekay Corporation of a 33
percent interest in four newbuilding 160,400-cubic meter liquefied
natural gas (LNG) carriers which will commence operations under
time-charter to the Angola LNG project upon each vessel's
respective delivery, scheduled between late 2011 and early 2012.
Pending delivery of the vessels, all interim and remaining net
proceeds from the offering will be used to repay amounts
outstanding on one of the Partnership's revolving credit
facilities.
Teekay LNG is a publicly-traded master limited partnership
formed by Teekay Corporation (NYSE: TK) as part of its strategy to
expand its operations in the LNG and liquefied petroleum gas (LPG)
shipping sectors. Teekay LNG provides LNG, LPG and crude oil marine
transportation services under long-term, fixed-rate charter
contracts with major energy and utility companies through its fleet
of seventeen LNG carriers, two LPG carriers, ten Suezmax class
crude oil tankers and one Handymax product tanker.
Teekay LNG's common units trade on the New York Stock Exchange
under the symbol "TGP".
The joint book running managers for this offering are UBS
Investment Bank, Barclays Capital and J.P. Morgan. The co-managers
are Goldman, Sachs & Co. and Raymond James.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from UBS Securities LLC, Attn: Prospectus Dept., 299 Park
Avenue, New York, NY 10171, Tel: 888-827-7275; Citi, Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, NY, 11220, Tel:
(800) 831-9146; or Barclays Capital Inc. c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
Barclaysprospectus@broadridge.com, Tel. (888) 603-5847; or J.P.
Morgan Securities LLC, Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York 11717, Telephone: (866)
803-9204.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This offering may be made
only by means of a prospectus supplement and accompanying base
prospectus.
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause the
outcome to be materially different.
Contacts: Teekay LNG Partners L.P. Kent Alekson Investor
Relations Enquiries +1 (604) 609-4793
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