Teekay LNG Partners L.P. (TGP) is down in pre-market trading Wednesday on news that the firm will issue an additional 4 million common shares.
The stock is trading at $17.25 at about 8:35 AM ET, a decline of $0.25 from Tuesday's close. With the fall, the stock is poised to add to Tuesday's losses which moved shares below the 50-week moving average.
The firm said it plans to offer 4 million common units representing limited partner interests in a public offering. Teekay LNG expects to grant the underwriters a 30-day option to purchase an additional 600,000 common units to cover over-allotments, if any.
The Partnership intends to use the net proceeds from the public offering to repay amounts outstanding on one of its revolving credit facilities.
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