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Teekay LNG Partners
L.P.
TGP announced today that
it has priced its follow-on public offering of 4,600,000 common
units, which represent limited partner interests, at $38.43 per unit.
Teekay LNG has granted the underwriters a 30-day option to purchase
up to an additional 690,000 common units. The Partnership intends to
use the net offering proceeds for general Partnership purposes, which
may include funding potential future newbuilding deliveries or vessel
acquisitions. Pending the use of the proceeds, the Partnership
intends to repay a portion of its outstanding debt under two of its
revolving credit facilities.
Teekay LNG is a publicly-traded master limited partnership formed by
Teekay Corporation
TK as part of its strategy to expand its
operations in the liquefied natural gas (LNG) and liquefied petroleum
gas (LPG) shipping sectors. Teekay LNG provides LNG, LPG and crude
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