Teekay LNG Partners, the listed gas carrier unit in the Bahamas-based Teekay group, says it plans to raise at least NOK700 million through unsecured bonds with maturity in 2020.
“Teekay LNG Partners LP … intends to issue a minimum of NOK700 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 USD90 million,” the company said in a statement.
“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,” it said.
The krone bond market has burst to life after a quiet start to the year as Exmar, the listed Belgian gas carrier owner, raised NOK300 million with an issue second tranche of the notes yesterday. The first tranche of NOK700 million was launched in July last year and the company has now reached the NOK1.0 billion ceiling of the issue.
In March Stolt-Nielsen, the London based chemical carrier group that is listed in Oslo, raised NOK1.10 billion on the market and last month, Ocean Yield, the Oslo listed tonnage provider, followed suit with an NOK1.0 billion issue.