Teekay LNG Partners has set a price of 850 million Norwegian krone in new bonds that mature in August 2023 in the Norwegian bond market.
The new bond issuance, which was oversubscribed, has an aggregate principal amount equivalent to approximately $100 million and all payments will be swapped into a U.S. dollar fixed-rate coupon of approximately 7.89 percent.
Teekay LNG said it expects to close the bond offering on August 29, 2018.
The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes.
Teekay LNG added it will apply for listing of the new bonds on the Oslo Stock Exchange.