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Energy

Teekay LNG Partners Slides on Offering (TGP, TK)

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By Douglas A. McIntyre Updated Published
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Teekay LNG Partners (NYSE: TGP) priced its follow-on offering of 5million common shares at $28.75 each. The $143 million offering will be used torepay outstanding balances on a revolving credit facility that funded vesselacquisitions.

The marine transportation company for the energy industry saidthat Teekay Corporation (NYSE: TK), the prior parent company, agreed to buy 1.7 million commonshares at these terms. Underwriters for the transaction are listed as Citi, Wachovia UBSInvestment Bank, Raymond James & Associates, Inc., Deutsche BankSecurities and Dahlman Rose & Company. They are granted a 30-day option to purchase up to 750,000 for over-allotments.

The transaction isexpected to close April 23. Shares of Teekay LNG are down less than 1% inmid-day trading to $28.52. The 52-week range is $27.08 to $40.26.

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Rachel Lopez
April 18, 2008
 

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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