Key Developments: Teekay LNG Partners LP (TGP)
43.81USD
17 May 2013
$-0.12 (-0.27%)
$43.93
$44.14
$44.28
$43.69
120,688
215,822
$44.71
$34.50
Latest Key Developments (Source: Significant Developments)
Teekay LNG Partners LP Declares Distribution
Teekay LNG Partners LP announced that it has declared a cash distribution of $0.675 per unit for the quarter ended March 31, 2013. The cash distribution is payable on May 14, 2013 to all unitholders of record on April 30, 2013. Full Article
Exmar NV Updates on Joint-Venture with Teekay LNG Partners LP
Exmar NV announced that the Company and Teekay LNG Partners LP have closed their 50/50 LPG joint-venture. The EXMAR LPG BVBA joint-venture controls 15 owned Midsize Gas Carriers (MGC), out of which 4 are under construction at Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC). EXMAR LPG BVBA also time-charters in three MGC's and two VLGC's (33.33% share) and bareboat-charters in one MGC and one VLGC. The joint venture has secured financing for its fleet (including the 4 newbuildings at Hyundai Mipo) under a USD 355 million facility, co-arranged by NORDEA and DNB. The syndicated loan facility has been substantially oversubscribed and is expected to close before the end of the first quarter 2013. Full Article
Teekay LNG Partners LP Updates Distribution Record Date
Teekay LNG Partners LP announced a revised record date for its previously declared cash distribution of USD 0.675 per unit for the quarter ended December 31, 2012. The cash distribution is payable on February 14, 2013 (unchanged) to all unitholders of record on February 4, 2013. This record date supersedes the previously announced record date of February 1, 2013 for the distribution for the quarter ended December 31, 2012. Full Article
Teekay LNG Partners LP Declares Cash Distribution
Teekay LNG Partners LP announced that Teekay GP LLC, the general partner of Teekay LNG Partners LP (Teekay LNG or the Partnership), has declared a cash distribution of USD 0.675 per unit for the quarter ended December 31, 2012. The cash distribution is payable on February 14, 2013 to all unitholders of record on February 1, 2013. For the previous quarter, the Company also declared cash distribution of USD 0.675 per unit. Full Article
Teekay LNG Partners LP Orders Two LNG Newbuildings; Intends to Charter on Long-Term Contracts
Teekay LNG Partners LP announced that it has entered into an agreement with Daewoo Shipbuilding & Marine Engineering CO., LTD., (DSME) of South Korea for the construction of two 173,400 cubic meter Liquefied Natural Gas (LNG) carrier newbuildings, with options to order up to three additional vessels. The partnership intends to secure long-term contract employment for both vessels prior to their delivery in the first half of 2016. The newbuildings will be constructed with M-type, Electronically Controlled, Gas Injection (MEGI) twin engines, which are expected to be significantly more fuel-efficient and have lower emission levels than other engines utilized in LNG shipping. The contract with DSME includes a favorable installment payment schedule, with the majority of the purchase price due upon delivery. The partnership intends to finance the installment payments during construction with a portion of its existing liquidity, which was approximately USD 420 million as of September 30, 2012 (after deducting the equity required to complete the recently announced Exmar LPG joint venture acquisition), and expects to secure long-term debt financing for the two vessels prior to their scheduled delivery. Full Article
Teekay LNG Partners LP And EXMAR NV Announces LPG Carrier Joint Venture
Teekay LNG Partners LP and EXMAR NV announced an agreement in principle to create a new 50/50 joint venture which will operate in the LPG Carrier segment with a primary focus on Midsize Gas Carriers. EXMAR and Teekay LNG seek to expand the joint venture by taking advantage of the current and future demand for liquefied petroleum gas (LPG) and ammonia (NH3). EXMAR will contribute 16 owned LPG carriers to the new joint venturecompany, to be named EXMAR LPG BVBA. The EXMAR LPG BVBA fleet will include 15 owned Midsize Gas Carriers (MGC), of which four are under construction at Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC). EXMAR LPG BVBA will also time-charter in three MGCs and two VLGCs, and bareboat-charter in one MGC and one VLGC. Prior to this transaction, EXMAR LPG BVBA will acquire from Wah Kwongthe remaining 50% interest in two MGCs, the Brugge Venture and the Touraine, which it does not already own. Teekay LNG will then acquire a 50% ownership in EXMAR LPG BVBA.In exchange for 50% interest in EXMAR LPG BVBA, Teekay LNG will contribute approximately USD140 million of equity and assume pro rata debt and lease obligations secured by certain vessels to be owned by EXMAR LPG BVBA. The proposed transaction, which is expected to close in late-2012 or early-2013, has been approved by the Teekay LNG and EXMAR Boards of Directors. Full Article
Teekay LNG Partners LP Declares Distribution
Teekay LNG Partners LP announced that it has declared a cash distribution of $0.675 per unit for the quarter ended September 30, 2012. The cash distribution is payable on November 9, 2012 to all unitholders of record on October 24, 2012. Full Article
Teekay LNG Partners LP Announces Listing of New Loan
Teekay LNG Partners LP announced that it will be listing new NOK 700 million closed loan Teekay LNG Partners L.P. 12/17 FRN on Oslo Bors on September 12, 2012. The ticker is TKLNG01 and ISIN is NO0010643257. The maturity date is May 3, 2017. The interest rate is 7.47% per year (three month NIBOR + 5.25% per year). The loan is interest bearing as of May 3, 2012. Pareto Securities, Swedbank Markets act as facilitators. Full Article
Teekay LNG Partners LP Announces Pricing Of Follow-On Offering
Teekay LNG Partners LP announced that it has priced its follow-on public offering of 4,600,000 common units, which represent limited partner interests, at $38.43 per unit. Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 690,000 common units. The Partnership intends to use the net offering proceeds for general Partnership purposes, which may include funding potential future newbuilding deliveries or vessel acquisitions. Pending the use of the proceeds, the Partnership intends to repay a portion of its outstanding debt under two of its revolving credit facilities. Teekay LNG's common units trade on the New York Stock Exchange under the symbol TGP. The joint book running managers for this offering are UBS Investment Bank, Morgan Stanley, and Deutsche Bank Securities. The senior co-managers for this offering are Credit Suisse and J.P. Morgan. The junior co-managers for this offering are ABN AMRO, Credit Agricole CIB, and DNB Markets. Full Article
Teekay LNG Partners LP Announces Public Offering of 4,600,000 Common Units
Teekay LNG Partners LP announced that it plans to offer 4,600,000 common units, which represent limited partner interests, in a public offering. Teekay LNG expects to grant the underwriters a 30-day option to purchase up to an additional 690,000 common units. The Partnership intends to use the net offering proceeds for general Partnership purposes, which may include funding potential future newbuilding deliveries or vessel acquisitions. Pending the use of the proceeds, the Partnership intends to repay a portion of its outstanding debt under two of its revolving credit facilities. The joint book running managers for this offering are UBS Investment Bank, Morgan Stanley, and Deutsche Bank Securities. The senior co-managers for this offering are Credit Suisse and J.P. Morgan. The junior co-managers for this offering are ABN AMRO, Credit Agricole CIB, and DNB Markets. Full Article
Gas shipper Exmar to get $56 mln from Teekay JV
BRUSSELS, March 26 - Belgian gas shipping company Exmar is to net a $56 million capital gain from its LPG (liquefied petroleum gas) joint venture with Teekay LNG Partners, which it will record in its first-quarter results, it said on Tuesday.
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