Teekay LNG goes to the Shelf

Having filed its F-3 shelf registration on October 20th (effective on the 29th), Teekay LNG Partners wasted no time and announced on Monday the offering of 3.5 million common units with a green shoe of a further 525,000 shares. On Tuesday the company announced that the shares were priced at $24.40, which is a discount of about 5% to Monday’s close at $25.67 just before the announcement.
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Written by: carisk | Categories: Freshly Minted, The Week in Review | November 19th, 2009 | Add a Comment

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.

Written by: carisk | Categories: Freshly Minted, The Week in Review | March 26th, 2009 | Add a Comment

Bergesen Back to Oslo Stock Exchange

Worldwide Shipping has mandated UBS and Carnegie to manage the planned flotation of 50% of their LNG/LPG assets in a listing on the Oslo Stock Exchange. The company will own 20 LNG vessels and is expected to use the Teekay LNG Partners MLP structure. The new company is to be managed out of Norway by CEO Jan Haakon Pettersen.

Written by: carisk | Categories: Equity, Freshly Minted | June 23rd, 2005 | Add a Comment