Teekay Signs $1 Billion Cooperation Agreement with Export Import Bank of China
September 30, 2015
Teekay Signs $1 Billion Cooperation Agreement with Export Import Bank of China
Earlier today, Teekay Corporation (NYSE: TK) announced that it wasentered into a framework cooperation agreementwith The Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities.
The loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners L.P. (NYSE: TGP), Teekay Offshore Partners L.P. (NYSE: TOO) and Teekay Tankers Ltd. (NYSE: TNK), to finance the construction or conversions of vessels from shipyards in China over the next three years.
”We are very pleased to announce the signing of this framework agreement as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group,” commented Vince Lok, Teekay Corporation’s Executive Vice President and Chief Financial Officer. “We anticipate that the shipyards in China will become an increasingly important supplier of vessels for Teekay, as we have seen recently with the construction of Teekay Offshore’s Units for Maintenance and Safety in China.” Mr. Lok continued, “We are grateful for the strong support from CEXIM and we look forward to further expanding our relationship with them.”
The CEXIM loan facilities are subject to approvals by CEXIM, customary closing conditions and the execution of satisfactory documentation.
Teekay Corporation’s Executive Vice President and Chief Financial Officer Peter Evensen shaking hands with Mr. Sun Ping, Vice President of The Export-Import Bank of China.
(Middle left) Peter Evensen, (Bottom left) Vince Lok, with members of the Export-Import Bank of China.