SAN FRANCISCO (Thomson Financial) - Teekay LNG Partners L.P. said late
Wednesday it plans to offer 5 million common units representing limited partner
interests in a public offering.
The company also expects to grant the underwriters a 30-day option to
purchase an additional 750,000 common units to cover any over-allotments.
Teekay LNG expects to use the net proceeds from the offering to repay
amounts outstanding on one of its revolving credit facilities, which has been
used to fund vessel acquisitions.
In addition, Teekay Corp., the parent of Teekay LNG's general partner, has
agreed to purchase directly from Teekay LNG $50 million worth of common units at
the public offering price.
Teekay LNG provides marine transportation services for liquefied natural
gas, liquefied petroleum gas, and crude oil.
The company's shares closed at $29.98.
Gabriel Madway
gm
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