Energy Business

Teekay LNG Partners Slides on Offering (TGP, TK)

Teekay LNG Partners (NYSE: TGP) priced its follow-on offering of 5million common shares at $28.75 each. The $143 million offering will be used torepay outstanding balances on a revolving credit facility that funded vesselacquisitions.

The marine transportation company for the energy industry saidthat Teekay Corporation (NYSE: TK), the prior parent company, agreed to buy 1.7 million commonshares at these terms. Underwriters for the transaction are listed as Citi, Wachovia UBSInvestment Bank, Raymond James & Associates, Inc., Deutsche BankSecurities and Dahlman Rose & Company. They are granted a 30-day option to purchase up to 750,000 for over-allotments.

The transaction isexpected to close April 23. Shares of Teekay LNG are down less than 1% inmid-day trading to $28.52. The 52-week range is $27.08 to $40.26.

You can join our open email distribution list to hear about other secondary offerings, IPO’s, back door plays into IPO’s, spin-offs. break-ups, and other special situations we frequently preview.

Rachel Lopez
April 18, 2008
 

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.