Teekay LNG Partners to sell 1.7 million units to institutional investor for $51 million

Teekay LNG Partners to sell 1.7M units for $51M

HAMILTON, Bermuda — Teekay LNG Partners LP said Thursday it agreed to sell about 1.7 million common units to an institutional investor for net proceeds of about $51 million.

The company, which provides marine transportation services for liquified natural gas, liquified petroleum gas and crude oil, plans to use the proceeds for general purposes, including possible vessel purchases.

The deal is expected to close on Friday.

Teekay’s units rose 62 cents, or 2 percent, to close at $32.02.