Teekay LNG Announces Corporate Changes and Rebranding to Seapeak
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.
- Conversion to a limited liability company may simplify corporate structure.
- Renaming reflects a new brand identity which might enhance market perception.
- Delisting of common units from NYSE could reduce trading liquidity.
- Acquisition by Stonepeak raises concerns about operational autonomy.
HAMILTON, Bermuda, Feb. 25, 2022 (GLOBE NEWSWIRE) -- Seapeak LLC (formerly known as Teekay LNG Partners L.P.) (Seapeak) announces the following organizational updates.
Conversion and Renaming
Effective on February 25, 2022, Teekay LNG Partners L.P. (TGP) has converted from a limited partnership formed under the laws of the Republic of the Marshall Islands into a limited liability company formed under the laws of the Republic of the Marshall Islands (the Conversion). Under Marshall Islands law, the Conversion is deemed to be a continuation of the existence of TGP (in its prior partnership form), but now in the form of a Marshall Islands limited liability company. Accordingly, all of the rights and liabilities of TGP (in its prior partnership form) are automatically vested in Seapeak.
Concurrent with the Conversion, effective on February 25, 2022, TGP has changed its name from “Teekay LNG Partners L.P.” to “Seapeak LLC”.
New Ticker Symbols for Outstanding Securities
As a result of the Conversion and renaming, effective on February 28, 2022, the ticker symbols for Seapeak’s preferred units will be changed as follows and begin trading under their new symbols:
| Security | Listed Market | Old Symbol | New Symbol |
| New York Stock Exchange | TGP PRA | SEAL PRA | |
| New York Stock Exchange | TGP PRB | SEAL PRB |
Effective on March 1, 2022, the ticker symbols for Seapeak’s Norwegian Kroner-denominated bonds will be changed as follows and begin trading under their new symbols:
| Security | Listed Market | Old Symbol | New Symbol |
| Teekay LNG Partners L.P. 2018 / 2023 FRN Bond | Oslo Børs | TKLNG05 | SPK05 |
| Teekay LNG Partners L.P. 2020 / 2025 FRN Bond | Oslo Børs | TKLNG06 | SPK06 |
| Teekay LNG Partners L.P. 2021 / 2026 FRN Bond | Oslo Børs | TKLNG07 | SPK07 |
As previously announced on January 13, 2022, as a result of its acquisition by investment vehicles managed by Stonepeak, Seapeak filed to delist all of its issued and outstanding common units from the New York Stock Exchange. The delisting of all of Seapeak’s common units occurred effective as of January 24, 2022.
About Seapeak
Seapeak is one of the world’s largest independent owners and operators of LNG carriers, providing liquefied gas services primarily under long-term, fee-based charters through its interests in 47 LNG carriers, 20 mid-size LPG carriers, and seven multi-gas carriers. Seapeak’s ownership interests in these vessels range from 20 to 100 percent. In addition, Seapeak owns a 30 percent interest in an LNG regasification terminal.
For more information, please visit: www.seapeak.com.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately
For more information, please visit www.stonepeak.com.
For Seapeak enquiries contact:
Email: enquiries@seapeak.com
For Stonepeak enquiries contact:
Kate Beers
Email: beers@stonepeak.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this press release, other than statements of historical fact, are forward-looking statements. Statements about the expected timing, future plans and related transactions and all other statements in this press release, other than historical facts, constitute forward-looking statements. Seapeak may not be able to complete future organizational and growth plans due to market competition, regulations and other factors, many of which may be outside of the control of Seapeak. Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent Seapeak’s views as of the date on which such statements were made. It is anticipated that subsequent events and developments may cause these views to change. These forward-looking statements should not be relied upon as representing views as of any date subsequent to the date hereof. Additional factors that may affect the business or financial results of Seapeak are described in the risk factors included in its filings with the SEC, including Seapeak’s Annual Reports on Form 20-F for the year ended December 31, 2020, as updated by subsequent filings with or submissions to the SEC. Seapeak expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences, except as required by applicable law.
FAQ
What is Seapeak LLC's new ticker symbol for its 9.00% Series A Preferred Units?
When did Seapeak LLC change its name from Teekay LNG Partners L.P.?
What happened to Teekay LNG Partners' common units?
What is the new ticker symbol for Seapeak's 8.50% Series B Preferred Units?
When will Seapeak's Norwegian Kroner-denominated bonds begin trading under new symbols?
