Teekay LNG Partners Declares Distributions on Series A and B Preferred Units; Eliminating K-1 Reporting for Preferred Unitholders
HAMILTON, Bermuda, Dec. 14, 2018 (GLOBE NEWSWIRE) — Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared cash distributions of $0.5625 per unit on the Partnership’s Series A preferred units (NYSE:TGP PR A) and $0.5313 per unit on the Partnership’s Series B preferred units (NYSE:TGP PR B) for the period from October 1, 2018 to December 31, 2018. The cash distributions are payable on January 15, 2019 to all unitholders of record as at December 31, 2018.
As previously-announced, Teekay LNG intends to amend its U.S. tax status to be treated as a corporation, instead of a partnership, for U.S. federal income tax purposes. This amendment is subject to common unitholder vote at a special meeting of common unitholders on December 18, 2018. If approved, common and preferred unit investors will receive Form 1099s instead of Schedule K-1s commencing in taxation year 2019.
About Teekay LNG
Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers, primarily providing LNG and LPG marine transportation services largely under long-term, fee-based charter contracts through its interests in 49 LNG carriers (including seven newbuildings), 22 mid-size LPG carriers, seven multigas carriers and three conventional tankers. The Partnership’s interests in these vessels range from 20 to 100 percent. In addition, the Partnership owns a 30 percent interest in a regasification facility, which is currently under construction. Teekay LNG Partners was formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG marine transportation sectors.
Teekay LNG Partners’ common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.
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This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements, among other things, regarding: the effects of Teekay LNG’s proposed amendments to its U.S. federal income tax status. The following factors are among those that could cause actual results to differ materially from the forward- looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: the outcome of the common unitholder vote at the special meeting to approve the proposed amendments to the Partnership’s U.S. federal tax status and related amendments to its partnership agreement, and the actual tax implications of any such amendments on the Partnership and unitholders; and other factors discussed in Teekay LNG Partners’ filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2017. The Partnership expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.