Teekay LNG Completes Norwegian Bond Issuance

Maritime Activity Reports, Inc.

January 23, 2017

Oak Spirit LNG carrier. Photo: Teekay LNG Partners

Oak Spirit LNG carrier. Photo: Teekay LNG Partners

 Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. 

 
All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%.
 
The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries.
 
Danske Bank Markets, DNB Markets, Nordea and Swedbank acted as Joint Lead Managers of the above mentioned new bond issuance.
 
Teekay LNG Partners 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 19 newbuildings), 29 LPG/Multigas carriers (including four newbuildings) and six conventional tankers.
 
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