Teekay LNG Partners L.P. announced yesterday that it has priced its follow-on public offering of 4,000,000 common units.
Teekay LNG Partners L.P. announced yesterday that it has priced its follow-on public offering of 4,000,000 common units, which represent limited partner interests, at $17.60 per unit. Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 600,000 units to cover over-allotments, if any. The Partnership expects to use the proceeds of the offering to repay amounts outstanding on one of its revolving credit facilities. The offering is expected to close on March 30, 2009.
Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation 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".
The joint book running managers for this offering are Citi, Morgan Stanley and UBS Investment Bank. The co-managers are Deutsche Bank Securities and Raymond James & Associates, Inc.