Teekay LNG Partners Completes Norwegian Bond Offering
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.
- Oversubscribed bond offering indicating strong investor interest.
- Fixed-rate coupon of approximately 6.37% provides a stable interest expense.
- Net proceeds aimed for general partnership purposes potentially support growth initiatives.
- Potential dilution risk if bonds are converted to equity in the future.
- Increased debt load could affect financial stability if not managed prudently.
HAMILTON, Bermuda, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it has priced NOK 1,000 million in new senior unsecured bonds that mature in November 2026 in the Norwegian bond market. The new bond issuance, which was significantly oversubscribed, has an aggregate principal amount equivalent to approximately USD 116 million and all payments will be swapped into a U.S. dollar fixed-rate coupon of approximately
DNB Markets, Nordea, Danske Bank, SEB, Swedbank and Credit Agricole Corporate and Investment Bank acted as Joint Lead Managers.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of the bonds or any other security of Teekay LNG. The bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or any state securities laws. Unless so registered, the bonds may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
The statements in this press release that are not historical facts may be forward-looking statements, and involve risks and uncertainties that could cause the outcome to be materially different. Teekay LNG undertakes no obligation to revise or update any forward looking statements, unless required to do so under applicable securities laws.
About Teekay LNG
Teekay LNG is one of the world’s largest independent owners and operators of LNG carriers, providing LNG and LPG services primarily under long-term, fee-based charter contracts through its interests in 47 LNG carriers, 21 mid-size LPG carriers, and seven multi-gas carriers. Teekay LNG’s ownership interests in these vessels range from 20 to 100 percent. In addition, Teekay LNG owns a 30 percent interest in a regasification terminal. Teekay LNG is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.
Teekay LNG’s common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.
For Investor Relations
enquiries contact:
Ryan Hamilton
Tel: +1 (604) 609-2963
Website: www.teekay.com
FAQ
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