TGP ups bond offering

Teekay LNG Partners has successfully raised $150m from the Norwegian bond market, the company has confirmed.
Teekay LNG Partners has raised $150m.

Teekay LNG Partners has raised $150m.

The unsecured five year bonds, which mature in September 2018, will carry an all-in fixed interest rate of 6.43%.

The Teekay LNG spin-off said the proceeds of the bonds are expected to be used for general partnership purposes.

DNB Markets, Nordea Markets and Swedbank First Securities acted as Joint Lead Managers of the bond issuance.

The funds raised marked a 30% increase on Teekay LNG Partners’ original target of NOK 700m ($115m).

The company has been busy of late acquiring additional tonnage including a sale-and-lease back deal with Awilco LNG at the start of August.

In July it exercised options for two 173,000-cbm ships at Daewoo Shipbuilding & Marine Engineering (DSME) for delivery in 2016.

As part of the deal it took on options for four more ships bringing its tally of options to five including one left over from the original order.

TGP is the world’s third largest independent owner and operator of LNG vessels, providing LNG, LPG and crude oil marine transportation services.

The US-listed entity has interests in 31 LNG carriers, 29 LPG/Multigas carriers and eleven conventional tankers.

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