Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces it has recently completed a Norwegian Kroner bond add-on offering and two new long-term financings for its growth projects delivering through 2019 as follows:
• NOK 300 million (equivalent to approximately USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian Kroner bonds due in October 2021 priced at 103.75 percent of face value. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.7 percent;
• a $685 million sale-leaseback transaction with ICBC Leasing for four of the Partnership's MEGI LNG carrier newbuildings delivering in 2017 and 2018, including the Torben Spirit; and
• a $220 million(1) long-term debt facility relating to the Partnership's 30 percent interest in the Bahrain regasification facility.
"We continue to make significant progress on securing long-term financings for our growth projects and are pleased to announce the recent completion of new long-term financings totaling over $900 million," commented Mark Kremin, the President and CEO of Teekay Gas Group Ltd. "In addition, we are on track to complete the remainder of the required long-term financings for the Partnership's growth projects in the second half of 2017."
In addition, Teekay LNG also recently refinanced two debt facilities, including:
• refinancing and upsizing the Partnership's unsecured corporate revolver from $150 million to $170 million; and
• refinancing a $244 million(1) long-term debt facility secured by four 40 percent-owned LNG carriers, Al Huwaila, Al Kharsaah, Al Shamal, and Al Khuwair, in the Partnership's RasGas III joint venture with Qatar Gas Transport Company (QGTC) with a new $288 million(1) long-term debt facility.