Teekay LNG Partners L.P. announces that it has priced NOK 850 million in new senior unsecured bonds that mature in August 2023 in the Norwegian bond market. The new bond issuance, which was significantly over subscribed, has an aggregate principal amount equivalent to approximately USD 100 million and all payments will be swapped into a U.S. dollar fixed-rate coupon of approximately 7.89%. Teekay LNG expects to close the bond offering on August 29, 2018, subject to customary closing conditions. The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes. Teekay LNG will apply for listing of the new bonds on the Oslo Stock Exchange.
DNB Markets and Nordea acted as Global Coordinators and Joint Bookrunners and Danske Bank and Swedbank acted as Joint Bookrunners. Credit Agricole CIB and SEB acted as Co-Managers.
About Teekay LNG
Teekay LNG Partners 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 49 LNG carriers (including nine newbuildings), 29 LPG/Multigas carriers and four 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 terminal, which is currently under construction. Teekay LNG Partners L.P. 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 LPG shipping 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.