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Teekay LNG Partners Announces Public Offering of Series B Preferred Units

Source: 10/16/2017, Location: South America

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) plans to offer in a public offering Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Series B Preferred Units), representing limited partner interests in the Partnership. Teekay LNG expects to grant the underwriters for the offering a 30-day option to purchase additional Series B Preferred Units. The Partnership expects to use the net proceeds from the public offering for general partnership purposes, which may include funding installment payments on newbuilding deliveries and debt repayments.

Teekay LNG is one of the world’s largest independent owners and operators of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts through its interests in 50 LNG carriers (including 17 newbuildings), 30 LPG/Multigas carriers (including three newbuildings) and five conventional tankers. The Partnership’s interests in these vessels range from 20 to 100 percent. Teekay LNG is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

The joint book-running managers for this offering are Morgan Stanley & Co. LLC and UBS Securities LLC.

When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, telephone (866) 718-1649; or UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attn: Prospectus Department, telephone (888) 827-7275.

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Related Categories: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 

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