Teekay LNG Partners Announces Offering of 4.6M Common Shares at $38.43
Teekay LNG Partners L.P. (NYSE: 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 (NYSE: 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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