Teekay Shuttle Tankers Issues USD 125 Mn Green Bonds Due 2024

Teekay Shuttle Tankers has placed USD 125 million senior unsecured green bonds due October 2024.

The proceeds from the bond issue will be used in accordance with Teekay Shuttle Tankers’ green bond framework to partially fund four E-Shuttle newbuilds currently under construction and with planned deliveries in 2019 and 2021.

SEB acted as global coordinator, sole green advisor and joint lead manager. Danske Bank, DNB and Nordea acted as joint lead managers.

The company said that an application would be made for the bonds to be listed on Oslo Stock Exchange.

In late September, the Bermuda-based shuttle tanker owner revealed its plans to launch the green bond issue. At the time, the company said it was looking to raise up to USD 150 million to finance the vessels under construction.