Teekay lists 8.5% series B fixed-to-floating preferred units on NYSE

By Sarah Lizee

Olympia, Wash., Oct. 25 – Teekay LNG Partners LP listed its $150 million of 8.5% series B fixed-to-floating cumulative redeemable perpetual preferred units on the New York Stock Exchange on Wednesday, according to a notice.

The preferreds were priced on Oct. 16 with a 30-day $22.5 million over-allotment option.

The liquidation preference is $25.00.

The units become redeemable on Oct. 15, 2027 at par plus accrued distributions.

The coupon will be fixed until Oct. 15, 2027, after which the rate will convert to a floating coupon at Libor plus 624.1 basis points.

Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers.

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

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