16 November, 2009
UPDATE 1-Teekay LNG to offer 3.5 mln common units, shares dip
* Says to use proceeds to repay debt
* Says may reborrow the amount repaid * Shares down 5 pct in after-market trade
Nov 16 (Reuters) - Shipping transportation services provider Teekay LNG Partners LP (TGP.N) said it plans to offer 3.5 million common units to repay outstanding debts on one of its credit facilities, sending its shares down 5 percent in after-market trade. Teekay may reborrow the amount it repays on the facility, it said in a statement.
UBS Investment Bank, Citi and BofA Merrill are the joint book running managers for the offering.
The underwriters have a 30-day over-allotment option of 525,000 units.
Teekay LNG Partners is a master limited partnership formed by Teekay Corp (TK.N) to expand its operations in the liquefied natural gas and liquefied petroleum gas shipping sectors.
Units of the company were down $1.27 at $24.40 in after-market trade. They closed at $25.67 Monday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Unnikrishnan Nair)
Source: http://www.reuters.com
UPDATE 1-Teekay LNG to offer 3.5 mln common units, shares dip Added: (16.11.2009)
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