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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Wed., Jul. 30, 3:01 AM

Slide #21. Teekay LNG Partners L.P. Secondary Offering

Company: Teekay LNG Partners L.P. (NYSE:TGP)
Date announced: 7/17/2014
Shares Offered: 2,800,000
Secondary Offering Details: Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced today that it has agreed to sell 2,800,000 common units, which represent limited partner interests, in a public offering. Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 420,000 common units. The Partnership expects to use the proceeds to fund the equity portion of its first installment payment of approximately $95 million for six newbuilding liquefied natural gas (or LNG) carriers ordered by the Partnership's 50/50 joint venture with China LNG Shipping (Holdings) Limited for the Yamal LNG Project and to fund a portion of five M-type, Electronically Controlled, Gas Injection (or MEGI) newbuildings. Pending application of the proceeds toward its MEGI newbuildings, the Partnership will temporarily reduce indebtedness under one of its revolving credit facilities which is available for general partnership purposes.

Teekay LNG Partners is a holding company. Co. is an international provider of marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil. Co.'s fleet consists of around 29 LNG carriers (including six MALT LNG Carriers, four RasGas 3 LNG Carriers, the four Angola LNG Carriers and the two Exmar LNG carriers that are all accounted for under the equity method), nine Suezmax-class crude oil tankers, 21 LPG carriers (including 16 Exmar LPG Carriers that are accounted for under the equity method) and one Handymax product tanker, all of which are double-hulled.
Open the TGP Page at The Online Investor »

Company Name:  Teekay LNG Partners LP
Sector:  Oil & Gas Equipment & Services
Number of ETFs Holding TGP:  4
Total Market Value Held by ETFs:  $68.90M
Total Market Capitalization:  $3.27B
% of Market Cap. Held by ETFs:  2.11%

Open the TGP Page at The Online Investor (in a new window) »

July 30, 2014    3:01 AM Eastern
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Hold (2.20 out of 4)
10th percentile
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