Teekay LNG’s $125 million 9% redeemable preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, Oct. 10 – Teekay LNG Partners LP’s $125 million of 9% series A cumulative redeemable perpetual preferred units began trading on the New York Stock Exchange on Monday.

The ticker symbol is “TGPPA.”

The deal priced on Sept. 28 at terms in line with the 9% price talk.

There is an $18.75 million overallotment option.

Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel Nicolaus & Co. Inc. were the joint bookrunners. FBR Capital Markets & Co. was the co-manager.

Distributions will be made on the 15th day of January, April, July and October, beginning Jan. 15.

The units become redeemable on or after Oct. 5, 2021 at par plus accrued distributions.

Proceeds will be used for general partnership purposes, including debt repayments or funding installment payments on future newbuilding deliveries.

Teekay is a Hamilton, Bermuda-based provider of marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil.

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