Teekay LNG Partners plans stock issue

The company said it would issue 3m units in public offering. Based on a currently traded price of $44.27 per unit the offering could raise $132.8m.

Teekay LNG said it expected to use the funds raised to partially finance the acquisition of a second LNG carrier from Awilco and for general partnership purposes, which may include funding installment payments on future newbuilding deliveries and future vessel acquisitions. In the interim proceeds will be used to repay a portion of debt on two outstanding revolving credit facilities.

Joint book running managers for this offering are Citigroup, BofA Merrill Lynch, Credit Suisse, UBS Investment Bank, RBC Capital Markets, Raymond James and Wells Fargo Securities.

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