Deleveraging

Teekay LNG Partners announced on Tuesday that it plans to offer 4 million common units in a public offering led by Citi, Morgan Stanley and UBS Investment Bank. Underwriters will be granted the option for another 600 thousand shares to cover over-allotments. Interestingly the proceeds of the offering are not to be used to cover capex but instead to repay amounts outstanding under one of its revolvers, which amounts may subsequently be re-borrowed. The shares were priced yesterday at $17.60, a premium of $0.10 over Tuesday’s closing price. Gross proceeds, including the over-allotment, will approximate $81 million

This is only an excerpt of Deleveraging

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.

Existing Users Login
Username
Password

Related Archive Files

• No Related Post