HAMILTON, BERMUDA--(Marketwired - Oct. 18, 2016) - Teekay LNG Partners L.P. (Teekay LNG or the
Partnership) (NYSE:TGP) announces that it has issued NOK 900 million in new senior unsecured bonds that mature in October
2021 in the Norwegian bond market. The new bond issuance, which was significantly oversubscribed, has an aggregate principal
amount equivalent to approximately USD 110 million and all payments will be swapped into a US dollar fixed-rate coupon of
approximately 7.75%. In connection with the new bond issuance, the Partnership agreed to repurchase approximately NOK 275
million of Teekay LNG bond issue TKLNG01 (ISIN: NO 0010643257) maturing May 3, 2017 at a price of 101.50 of the principal amount
of the repurchased bonds.
The net proceeds, which will be available to the Partnership upon settlement in late-October 2016, will be used for
refinancing its 2017 NOK bonds and general partnership purposes, including funding of newbuilding installments. Teekay LNG will
apply for listing of the new bonds on the Oslo Stock Exchange.
Danske Bank Markets, DNB Markets, Nordea Markets and Swedbank Norway acted as Joint Lead Managers of the above mentioned new
bond issuance and repurchase.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of the bonds or any other security of
Teekay LNG. The bonds have not been and will not be registered under the Securities Act or any state securities
laws. Unless so registered, the bonds may not be offered or sold in the United States except pursuant to an exemption from
the registration requirements of the Securities Act and applicable state securities laws.
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties
include, but are not limited to, those discussed in Teekay LNG's public filings with the U.S. Securities and Exchange Commission.
Teekay LNG undertakes no obligation to revise or update any forward looking statements, unless required to do so under the
securities laws.
About Teekay LNG
Teekay LNG Partners is one of the world's largest independent owners and operators of LNG carriers, providing LNG,
LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts through its interests in
50 LNG carriers (including 19 newbuildings), 29 LPG/Multigas carriers (including five newbuildings) and six conventional tankers.
The Partnership's interests in these vessels range from 20 to 100 percent. Teekay LNG Partners L.P. is a publicly-traded master
limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the
LNG and LPG shipping sectors.
Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".