Teekay LNG Partners raised $150m through a public offering of a new class of preferred shares.

Morgan Stanley and UBS Securities led the marketing and pricing on the new equity class.

The new shares are Series B fixed-to-floating rate cumulative redeemable perpetual preferred units. The shares have a liquidation value.

Investors in the new shares will get a 8.5% yield per annum on the fixed dividend portion of the shares, payable for the first 10 years after issuance.