Teekay LNG Partners Declares Distributions on Series A and B Preferred Units; Eliminating K-1 Reporting for Preferred Unithol...
December 14 2018 - 12:04PM
Teekay GP LLC, the general partner of Teekay LNG Partners L.P.
(Teekay LNG or the Partnership) (NYSE:TGP), has declared cash
distributions of $0.5625 per unit on the Partnership’s Series A
preferred units (NYSE:TGP PR A) and $0.5313 per unit on the
Partnership’s Series B preferred units (NYSE:TGP PR B) for the
period from October 1, 2018 to December 31, 2018. The cash
distributions are payable on January 15, 2019 to all unitholders of
record as at December 31, 2018.
As previously-announced, Teekay LNG intends to
amend its U.S. tax status to be treated as a corporation, instead
of a partnership, for U.S. federal income tax purposes. This
amendment is subject to common unitholder vote at a special meeting
of common unitholders on December 18, 2018. If approved, common and
preferred unit investors will receive Form 1099s instead of
Schedule K-1s commencing in taxation year 2019.
About Teekay LNG
Teekay LNG Partners is one of the world’s
largest independent owners and operators of LNG carriers, primarily
providing LNG and LPG marine transportation services largely under
long-term, fee-based charter contracts through its interests in 49
LNG carriers (including seven newbuildings), 22 mid-size LPG
carriers, seven multigas carriers and three conventional tankers.
The Partnership’s interests in these vessels range from 20 to 100
percent. In addition, the Partnership owns a 30 percent interest in
a regasification facility, which is currently under construction.
Teekay LNG Partners was formed by Teekay Corporation (NYSE: TK) as
part of its strategy to expand its operations in the LNG and LPG
marine transportation sectors.
Teekay LNG Partners’ common units and preferred
units trade on the New York Stock Exchange under the symbols “TGP”,
“TGP PR A” and “TGP PR B”, respectively.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com
Forward-Looking Statements
This release contains forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect
to certain future events and performance, including statements,
among other things, regarding: the effects of Teekay LNG’s proposed
amendments to its U.S. federal income tax status. The following
factors are among those that could cause actual results to differ
materially from the forward- looking statements, which involve
risks and uncertainties, and that should be considered in
evaluating any such statement: the outcome of the common unitholder
vote at the special meeting to approve the proposed amendments to
the Partnership’s U.S. federal tax status and related amendments to
its partnership agreement, and the actual tax implications of any
such amendments on the Partnership and unitholders; and other
factors discussed in Teekay LNG Partners’ filings from time to time
with the SEC, including its Report on Form 20-F for the fiscal year
ended December 31, 2017. The Partnership expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Partnership’s expectations with respect thereto or any
change in events, conditions or circumstances on which any such
statement is based.
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