Teekay LNG Partners L.P. Announces Public Offering of 3,000,000 Common Units
October 01 2013 - 4:13PM
Marketwired
Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP)
announced today that it plans to offer 3,000,000 common units,
which represent limited partner interests, in a public offering.
Teekay LNG expects to grant the underwriters a 30-day option to
purchase up to an additional 450,000 common units. The Partnership
intends to use the net offering proceeds to partially fund its
acquisition of a second LNG carrier newbuilding from Norway-based
Awilco LNG ASA and for general Partnership purposes, which may
include funding installment payments on future newbuilding
deliveries and future vessel acquisitions. Pending the use of the
proceeds, the Partnership intends to repay a portion of its
outstanding debt under two of its 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 liquefied natural gas (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, including newbuildings, of 33
LNG carriers, 31 LPG carriers, including five-chartered in LPG
carriers, 10 Suezmax-class crude oil tankers and one Handymax
product tanker. The Partnership's interests in these vessels range
from 33 to 100 percent.
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 Citigroup,
BofA Merrill Lynch, Credit Suisse, UBS Investment Bank, RBC Capital
Markets, Raymond James and Wells Fargo Securities.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from: Citigroup,c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); BofA
Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus
Department, e-mail: dg.prospectus_requests@baml.com; Credit Suisse,
Attn: Prospectus Department, Eleven Madison Avenue, New York, New
York 10010-3629, Tel: (800) 221-1037; UBS Investment Bank, Attn:
Prospectus Dept., 299 Park Avenue, New York, NY 10171, Tel:
888-827-7275; RBC Capital Markets Attn: Prospectus Department,
Three World Financial Center, 200 Vesey Street, 8th Floor, New
York, NY 10281-8098, Tel: 877-822-4089; Raymond James, 880 Carillon
Parkway, St. Petersburg, Florida 33716, Attn: Prospectus
Department, Tel: 800-248-8863, e-mail: prospectus@raymondjames.com;
or Wells Fargo Securities, 375 Park Avenue, New York, NY 10152,
Attn: Equity Syndicate Dept., Tel: 1-800-326-5897, e-mail:
cmclientsupport@wellsfargo.com.
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, which include statements regarding the proposed
offering of common units and the use of proceeds from the proposed
offering, involve risks and uncertainties that could cause the
outcomes or results to be materially different.
Contacts: Teekay LNG Partners L.P. Kent Alekson Investor
Relations Enquiries +1 (604) 609-6442
Teekay Lng Partners (NYSE:TGP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Teekay Lng Partners (NYSE:TGP)
Historical Stock Chart
From Jul 2023 to Jul 2024