October 6, 2010
HAMILTON, BERMUDA–(Marketwire – Oct. 6, 2010) – Teekay LNG Partners L.P. (NYSE:TGP) –
Highlights
- Acquiring 50 percent interest in two LNG carriers on long-term, fixed-rate charters for an equity purchase price of approximately $70 million (including approximately $7 million of contributed working capital and other cash assets) and the assumption of approximately $100 million in pro rata debt relating to the vessels
- Expected to provide the Partnership $10 million of incremental distributable cash flow per annum over the firm period of the charters, which have 12 and 15 years remaining, respectively
- Equity purchase price to be financed with issuance by the Partnership of approximately 1,050,000 common units and cash of approximately $35 million from the Partnership’s existing revolving credit facilities