Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced yesterday that it has priced its follow-on public offering of 3 000 000 common units, which represent limited partner interests, at US$ 42.62 per unit. The company has granted 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.
As part of its strategy to expand its operations in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors, Teekay LNG is a publicly traded master limited partnership formed by Teekay Corporation (NYSE:TK).
Adapted from press release by Ted Monroe