PreferredStockChannel

Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Sat, December 4, 1:57 AM

Slide #184. Teekay LNG Partners L.P. Preferred Stock Offering

Company: Teekay LNG Partners L.P. (NYSE:TGP)
Date announced: 10/16/2017
Shares Offered: 6,000,000
Date of Pricing: 10/16/2017
Price Per Share: $25.00
Preferred Stock Offering Details: Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced today that it 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. -updated 10/16- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced today that it has priced its public offering of 6,000,000 8.5% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Series B Preferred Units), representing limited partner interests, at $25.00 per unit. Distributions will be payable on the Series B Preferred Units (i) from and including the original issue date to, but excluding October 15, 2027 at a fixed rate equal to 8.5% per annum of the stated liquidation preference of $25.00 per unit and (ii) from and including October 15, 2027, at a floating rate equal to three-month LIBOR plus a spread of 624.1 basis points. The offering is expected to close on October 23, 2017. Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 900,000 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 Partners is an international provider of marine transportation services focusing on liquefied natural gas (LNG) and liquefied petroleum gas (LPG). Co. focuses on servicing its customers through its fleet of LNG and LPG carriers under medium to long-term, fixed-rate charters. Co. has two reportable segments, the LNG segment and the LPG segment. Co.'s LNG segment consists of LNG carriers which generally operate under long-term, fixed-rate charters to international energy companies. Co.'s LPG segment consists of LPG and multi-gas carriers which generally operate under voyage charters or time-charters.

Preferreds: TGP.PRA, TGP.PRB


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Name: 
Teekay LNG Partners LP
Website: 
www.teekaylng.com
Sector: 
Oil & Gas Equipment & Services
Number of ETFs Holding TGP: 
5 (see which ones)
Total Market Value Held by ETFs: 
$13,532,538.6
Total Market Capitalization: 
$1,256,000,000
% of Market Cap. Held by ETFs: 
1.08%
 

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