Teekay LNG Partners L.P. Announces Pricing of Follow-On Offering

Hamilton, Bermuda, 2 October 2013

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced today that it has priced its follow-on public offering of 3,000,000 common units, which represent limited partner interests, at $42.62 per unit. Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 450,000 common units. The Partnership intends to use the net offering proceeds to partially fund its acquisition of a second LNG carrier newbuilding from Norway-based Awilco LNG ASA and for general Partnership purposes, which may include funding installment payments on future newbuilding deliveries and future vessel acquisitions. Pending the use of the proceeds, the Partnership intends to repay a portion of its outstanding debt under two of its revolving credit facilities.

Teekay LNG is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors. Teekay LNG provides LNG, LPG and crude oil marine transportation services under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet, including newbuildings, of 33 LNG carriers, 31 LPG carriers, including five-chartered in LPG carriers, 10 Suezmax-class crude oil tankers and one Handymax product tanker. The Partnership's interests in these vessels range from 33 to 100 percent.

Teekay LNG's common units trade on the New York Stock Exchange under the symbol "TGP".


Teekay LNG Partners L.P. Announces Public Offering of 3,000,000 Common Units

Hamilton, Bermuda, 1 October 2013

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced today that it plans to offer 3,000,000 common units, which represent limited partner interests, in a public offering. Teekay LNG expects to grant the underwriters a 30-day option to purchase up to an additional 450,000 common units. The Partnership intends to use the net offering proceeds to partially fund its acquisition of a second LNG carrier newbuilding from Norway-based Awilco LNG ASA and for general Partnership purposes, which may include funding installment payments on future newbuilding deliveries and future vessel acquisitions. Pending the use of the proceeds, the Partnership intends to repay a portion of its outstanding debt under two of its revolving credit facilities.

Teekay LNG is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors. Teekay LNG provides LNG, LPG and crude oil marine transportation services under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet, including newbuildings, of 33 LNG carriers, 31 LPG carriers, including five-chartered in LPG carriers, 10 Suezmax-class crude oil tankers and one Handymax product tanker. The Partnership's interests in these vessels range from 33 to 100 percent.

Teekay LNG Partners L.P. press release