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Teekay raises $160m with tankers

Teekay raises $160m with tankers
TEEKAY Corporation has raised $160m through the drop-down sales of three tankers to its spin-off Teekay LNG Partners.

Teekay raises $160m by selling three.

TEEKAY Corporation has raised $160m through the drop-down sales of three tankers to its spin-off Teekay LNG Partners.

The trio includes two suezmax crude tankers, the Bermuda Spirit and Hamilton Spirit, and the handymax product tanker Alexander Spirit.

The transaction is consistent with Teekay"s strategy, in effect since the middle of the last decade, of ?dropping down? assets to its spin-offs, to raise cash for itself. Teekay had said at the end of 2009 that it had $2.8bn in identified assets that are available to sell to the ?appropriate daughter company?.

New York-listed Teekay LNG Partners, which in 2005 became the first of three Teekay spin-offs ? the others are Teekay Offshore Partners and Teekay Tankers ? said today that it would finance the $160m purchase through a combination of $34m cash in hand and $126m from existing debt.

Fashioned as a master limited partnership focussed on gas projects depending on 10-25 year fixed rate contracts, Teekay LNG Partners also operates a fleet of eight conventional suezmax tankers. The trio acquired today would join this complement.

The Bermuda Spirit and Hamilton Spirit are serving under 11-year fixed-rate contracts to Centrofin, and the Alexander Spirit is on a 10-year fixed-rate contract to Caltex Australia.

Teekay LNG Partners said the stable revenue through these charters would amount to distributable cash flow of $8m a year, which has immediately enabled the company to increase its dividend from $0.57 to $0.60 a share.

www.turkishmaritime.com.tr

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