USA: Teekay LNG Announces USD 40 Million Equity Private Placement

Teekay GP LLC., the general partner of Teekay LNG Partners L.P., announced today that it has issued approximately 0.93 million common units in a private placement to an institutional investor for proceeds of approximately $40 million (excluding its general partner’s proportionate capital contribution).

The Partnership intends to use the proceeds from the sale of common units to partially fund its previously announced order of two fuel-efficient liquefied natural gas (LNG) carrier newbuildings ordered in July 2013, scheduled for delivery in 2016, and for general partnership purposes.

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Teekay, July 31, 2013