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Teekay LNG Partners in public offering to fund newbuild payments

Teekay LNG Partners in public offering to fund newbuild payments
Teekay LNG Partners has announced a public offering to finance the first installment on six LNG carriers ordered jointly with China LNG Shipping and a portion of other newbuildings.

New York Stock Exchange-listed Teekay LNG Partners is selling 2.8m common units and the underwriters have been granted a 30-day option to purchase an additional 420,000 units.

Teekay LNG said the proceeds to fund the equity portion of its first installment payment of $95m for six LNG carriers order at Daewoo Shipbuilding and Marine Engineering jointly with China LNG Shipping for the Yamal LNG project and to fund a portion of five M-type, electronically controlled, gas injection (or MEGI) newbuildings.

Citigroup and Credit Suisse are acting as joint book running managers in connection for the offering.