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Teekay LNG Partners L.P., 8.50% Ser B Fixed/Float Cumul Red Perp Preferred Units
Ticker Symbol: TGP-B     CUSIP: Y8564M204     Exchange: NYSE
Security Type:   Traditional Preferred Stock

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Teekay LNG Partners L.P., 8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25 per unit, redeemable at the issuer's option on or after 10/15/2027 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 8.50% per annum ($2.125 per annum or $0.53125 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be the last business day of the month immediately preceding the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From and including 10/15/2027, the distribution rate per annum will be a floating rate equal to three-month LIBOR plus a spread of 6.241%. As of 1/1/2019 dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders due the the company's conversion to a corporation. Holders of the Preferred Units will receive specific tax information from the company, including a Schedule K-1 which generally would be expected to provide a single income item equal to the preferred return (see page S-96 of the prospectus for details). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common units of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NYSE
Chart
FixFloat
$2.13
$25.00
$25.00
10/15/2027
None
NF NF
4/28/2020
1/15, 4/15, 7/15 & 10/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
YES

Go to Parent Company's Record (TGP)

Notes:  December 19, 2018 -- Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (NYSE:TGP), has today announced that its Board of Directors has authorized a common unit repurchase program for the repurchase of up to $100 million of Teekay LNG’s common units. The Partnership also announced the outcome of the special meeting of common unitholders held yesterday. All proposals, including the proposal to allow Teekay LNG to elect to be treated as a corporation, instead of a partnership, for U.S. federal income tax purposes, were approved by unitholders. As a result, effective January 1, 2019, Teekay LNG will be treated as a corporation for U.S. federal income tax purposes and common and preferred unitholders will receive Form 1099s instead of Schedule K-1s relating to distributions taxable as dividends commencing in 2019. Teekay LNG will remain a master limited partnership, and all other provisions of the Partnership’s limited partnership agreement remain in effect.

IPO - 10/16/2017 - 6.00 Million Units @ $25.00 /unit.    Link to IPO Prospectus
Previous Ticker Symbol: TKYYF    Changed: 10/25/2017
Market Value $150.0 Million

Company's Online Information Links
HOME PAGE:     https://www.teekay.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Email Address investor.relations@teekay.com

Foreign Address and Phone Numbers
Address:   4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda
Main Phone Number 441-298-2530
Fax Number 441-292-3931
Inv Rel Phone Number   Ryan Hamilton 604 609 2963

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Latest Update: 10/5/2020