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Seapeak LLC, formerly Teekay LNG Partners L.P. (TGP), announces its conversion to a limited liability company effective February 25, 2022. This transition is deemed a continuation of TGP's existence, with all rights and liabilities vested in Seapeak. On the same date, the company also changed its name. Additionally, effective February 28, 2022, new ticker symbols for Seapeak’s preferred units will be SEAL PRA (formerly TGP PRA) and SEAL PRB (formerly TGP PRB). Moreover, the ticker symbols for its Norwegian Kroner-denominated bonds will change effective March 1, 2022. The common units were delisted from NYSE on January 24, 2022.
Teekay LNG Partners has completed its acquisition by investment vehicles managed by Stonepeak, with all common units converting to cash at $17.00 per unit. Common units will be suspended from trading and delisted within 10 days, while Series A and B preferred units will continue to trade under their existing symbols. The company will rebrand as Seapeak and transition to a limited liability company in Q1 2022, aligning its vision towards growth in LNG carrier operations. This change is expected to enhance operational flexibility and explore new business opportunities.
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (NYSE:TGP), announced cash distributions of $0.5625 per unit for Series A preferred units (NYSE:TGP PR A) and $0.5313 for Series B preferred units (NYSE:TGP PR B) for the period from October 1, 2021, to December 31, 2021. These distributions will be payable on January 18, 2022 to unitholders of record as of December 31, 2021. Teekay LNG operates one of the largest fleets of LNG carriers, engaging in long-term charter contracts.
Teekay LNG Partners L.P. (NYSE:TGP) announced on December 1, 2021, that its common unitholders approved the merger with Stonepeak Limestone Holdings LP. All necessary customer approvals have also been secured. Upon completion, expected in mid-January 2022, unitholders will receive $17.00 per common unit in cash. Teekay LNG is a leading independent owner-operator of LNG carriers, with interests in 47 LNG carriers and additional gas transport services.
Teekay LNG Partners L.P. (NYSE:TGP) has priced NOK 1,000 million in new senior unsecured bonds due November 2026, equivalent to approximately USD 116 million. The bond offering, significantly oversubscribed, features a fixed-rate coupon of about 6.37% after being swapped into USD. The net proceeds will be utilized for general partnership purposes, with a closing expected on November 18, 2021. The company plans to list the bonds on the Oslo Stock Exchange.
Teekay LNG Partners reported a GAAP net income of $67.0 million, or $0.68 per common unit for Q3 2021. Adjusted net income was $54.7 million, with EBITDA at $178.0 million. A merger agreement with Stonepeak to acquire 100% of Teekay LNG's common units for $17.00 per unit was announced. This transaction, pending approval from unitholders, is scheduled to close by December 31, 2021. The partnership declared a distribution of $0.2875 per unit, payable on November 12, 2021. Teekay LNG's liquidity stood at $335.0 million as of September 30, 2021.
Teekay LNG Partners L.P. (NYSE:TGP) has engaged multiple financial institutions as Joint Lead Managers for a Fixed Income Investor Call scheduled on November 9, 2021. The call is part of a potential NOK denominated senior unsecured bond issuance with a five-year tenor, subject to market conditions. The bonds may be offered in the US to qualified institutional investors under Rule 144A, while also being available outside the US under Regulation S. The issuance is not an offer to buy any securities that are not registered under US laws.
Teekay LNG Partners L.P. (NYSE:TGP) filed a proxy statement on November 2, 2021, with the SEC for a special meeting to vote on its proposed merger with Stonepeak Infrastructure Fund IV Cayman (AIV III) LP. The meeting is set for December 1, 2021, at 1:00 p.m. Atlantic Time in Bermuda. Unitholders on record as of October 28, 2021, will be eligible to vote. The merger aims to enhance Teekay LNG's standing in the LNG shipping sector. Further details are available in the definitive proxy statement.
Teekay LNG Partners L.P. (NYSE:TGP) has announced a cash distribution of $0.2875 per common unit for the quarter ending September 30, 2021. This distribution will be paid on November 12, 2021, to unitholders of record by November 5, 2021. Teekay LNG is a major player in the LNG and LPG shipping industry, operating a fleet of 47 LNG carriers, 21 mid-size LPG carriers, and 7 multi-gas carriers, with ownership interests ranging from 20% to 100%.
Teekay LNG Partners L.P. (NYSE:TGP) and Stonepeak have announced a merger agreement, where Stonepeak will acquire all common units of Teekay LNG for $17.00 per unit, valuing the transaction at $6.2 billion. This acquisition represents an 8.3% premium over the closing price on October 1, 2021. Teekay's Board of Directors approved the transaction, emphasizing its benefits for unitholders and the potential for improved access to capital. The deal is expected to close by the end of 2021, subject to shareholder approval. Teekay LNG will be delisted post-transaction.
