Teekay LNG Partners L.P. Announces Direct Equity Placement
Hamilton, Bermuda, July 15, 2010 - Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE: TGP) announced today that it has agreed to sell approximately 1.7 million common units to an institutional investor for net proceeds, including its general partner's proportionate capital contribution, of approximately $51 million. The common units are being sold pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission.
The Partnership intends to use the net proceeds from the sale for general partnership purposes, which may include funding newbuilding deliveries or future vessel acquisitions. The sale is expected to close on July 16, 2010. After this sale, the Partnership will have approximately 54.1 million common units outstanding.
Teekay LNG Partners L.P. 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 shipping sectors. Teekay LNG provides LNG, LPG and crude oil marine transportation services under long-term, fixed-rate time-charter contracts with major energy and utility companies through its fleet of 15 LNG carriers, three LPG carriers and 11 conventional crude oil tankers.
Teekay LNG's' common units trade on the New York Stock Exchange under the symbol "TGP".
Teekay LNG Partners L.P.