Teekay LNG Partners Announces Public Offering of Series B Preferred Units
October 16 2017 - 9:24AM
Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP)
announced today that it plans to offer in a public offering Series
B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred
Units (Series B Preferred Units), representing limited partner
interests in the Partnership. Teekay LNG expects to grant the
underwriters for the offering a 30-day option to purchase
additional Series B Preferred Units. The Partnership expects to use
the net proceeds from the public offering for general partnership
purposes, which may include funding installment payments on
newbuilding deliveries and debt repayments.
Teekay LNG is one of the world’s largest
independent owners and operators of LNG carriers, providing LNG,
LPG and crude oil marine transportation services primarily under
long-term, fixed-rate charter contracts through its interests in 50
LNG carriers (including 17 newbuildings), 30 LPG/Multigas carriers
(including three newbuildings) and five conventional tankers. The
Partnership’s interests in these vessels range from 20 to 100
percent. Teekay LNG is a publicly-traded master limited partnership
(MLP) formed by Teekay Corporation as part of its strategy to
expand its operations in the LNG and LPG shipping sectors.
The joint book-running managers for this
offering are Morgan Stanley & Co. LLC and UBS Securities
LLC.
When available, copies of the prospectus
supplement and accompanying base prospectus related to this
offering may be obtained from Morgan Stanley & Co. LLC, 180
Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus
Department, telephone (866) 718-1649; or UBS Securities LLC, 1285
Avenue of the Americas, New York, NY 10019, Attn: Prospectus
Department, telephone (888) 827-7275.
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. The Series B
Preferred Units will be offered and sold pursuant to an effective
registration statement on Form F-3, which was filed with the
Securities and Exchange Commission (SEC) on October 16, 2017.
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. These risks and
uncertainties include, but are not limited to, those discussed in
Teekay LNG’s public filings with the SEC. Teekay LNG undertakes no
obligation to revise or update any forward looking statements,
unless required to do so under the securities laws.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-6442Website: www.teekay.com
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