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Teekay LNG asks bondholders to vote on changes to 2023, 2025 notes
By Marisa Wong
Los Angeles, Oct. 13 – Teekay LNG Partners LP will hold bondholders’ meetings for holders to consider some changes to its 2018/2023 notes (ISIN: NO0010830979) and 2020/2025 notes (ISIN: NO0010891559), according to a notice.
The purpose of the meeting summons is to address issues arising from Stonepeak’s planned acquisition of the issued and outstanding common units representing limited partner units in Teekay LNG Partners and 100% of Teekay Corp.’s ownership in general partner Teekay GP LLC. This transaction would trigger a change-of-control event under the current bond terms. In addition, the issuer intends to change its formal name.
As a result, the issuer is proposing to amend the bonds’ definition of change-of-control event as well as some other definitions affected by the Stonepeak transaction.
The transaction is expected to close by the end of 2021. A virtual information meeting with bondholders will be held at 10 a.m. ET on Oct. 14 to introduce Stonepeak.
The meetings to consider the proposals to the existing bonds will begin at 7 a.m. ET on Oct. 27.
To approve the resolution presented at the meetings, holders of at least two-thirds of the bonds represented at the meeting must vote in favor of the resolution.
In order to have a quorum, at least half of the voting bonds must be represented at the meeting.
The issuer is offering to pay bondholders a one-time amendment fee of 0.5% of the principal amount of the bonds. The amendment fee is payable no later than 10 business days after the proposal has been accepted by the required majority of bondholders.
Nordic Trustee AS is the bond trustee.
DNB Markets (attn.: bond syndicate, Bond.syndicate@dnb.no) and Nordea Bank Abp, filial i Norge (Kristoffer Johansen – high yield syndicate, +47 24 01 14 67, k.johansen@nordea.com) are advisors to the company with respect to the proposal.
Teekay is a Hamilton, Bermuda-based crude oil transporter.
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