Teekay LNG Announced Public Offering
Teekay LNG Partners L.P. plans to offer 4,000,000 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 600,000 common units to cover over-allotments, if any. The Partnership expects to use the net proceeds from the public offering to repay amounts outstanding on one of its revolving credit facilities. The Partnership may reborrow the amounts it repays on the facility.
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 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 time charter contracts with major energy and utility companies through its fleet of thirteen LNG carriers, one LPG carrier and eight Suezmax class crude oil tankers.
Teekay LNG's common units trade on the New York Stock Exchange under the symbol "TGP".