Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

Teekay LNG Contemplates Norwegian Bond Issuance

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it intends to issue a minimum of NOK 700 million in new senior unsecured bonds in the Norwegian bond market that mature in May 2020 which, at current conversion rates, have an aggregate principal amount equivalent to approximately USD 90 million. The net proceeds from the bonds are expected to be used for general partnership purposes, including funding of newbuilding installments. Teekay LNG expects to apply for listing of the bond on the Oslo Stock Exchange.

A portion of the bonds may be offered in the United States to qualified institutional investors (or QIBs) as defined in Rule 144A of the U.S. Securities Act of 1933 (the Securities Act) concurrently with bonds offered outside of the United States pursuant to Regulation S of the Securities Act.

Danske Bank, DNB Markets, Nordea Markets and Swedbank Norway have been appointed as Joint Lead Managers of the contemplated bond issuance.

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 Partners L.P.

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 48 LNG carriers (including one LNG regasification unit and 19 newbuildings), 30 LPG/Multigas carriers (including three in-chartered LPG carriers and eight newbuildings) and eight 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”.

Tags: , ,