Teekay LNG Partners Completes Norwegian Bond Offering
Teekay LNG Partners L.P. (TGP) has announced the pricing of NOK 1,000 million (approximately USD 112 million) in new senior unsecured bonds, maturing in September 2025. The bond issuance was significantly oversubscribed and will have a fixed-rate coupon of around 5.74% after being swapped into U.S. dollars. The company expects to close the offering on September 2, 2020. Proceeds will be used for general partnership purposes, with plans to list the bonds on the Oslo Stock Exchange.
- Significantly oversubscribed bond issuance indicates strong investor interest.
- Fixed-rate coupon of approximately 5.74% could enhance the partnership's financial stability.
- Funding expected to support general partnership purposes, potentially aiding in future growth.
- Issuance might lead to potential dilution of equity for existing shareholders.
HAMILTON, Bermuda, Aug. 20, 2020 (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 September 2025 in the Norwegian bond market. The new bond issuance, which was significantly oversubscribed, has an aggregate principal amount equivalent to approximately USD 112 million and all payments will be swapped into a U.S. dollar fixed-rate coupon of approximately
DNB Markets and Nordea acted as Global Coordinators and Joint Bookrunners; and Credit Agricole Corporate and Investment Bank, Danske Bank, SEB, Swedbank and Arctic Securities acted as Joint Bookrunners.
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, 23 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
What is the size and maturity of Teekay LNG's new bond offering?
What is the fixed-rate coupon for the new bonds issued by TGP?
When is the closing date for the new bond issuance from Teekay LNG?
What will the proceeds from TGP's bond issuance be used for?
Where will Teekay LNG list the new bonds?
