Teekay Corp (TK), a provider of crude oil and gas marine transportation services, on Wednesday said it has entered into a Framework Cooperation Agreement with The Export-Import Bank of China ("CEXIM") for up to $1 billion in new loan facilities.
The company said the new loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners LP (TGP), Teekay Offshore Partners L.P. (TOO) and Teekay Tankers Ltd (TNK), to finance the construction or conversion of vessels from shipyards in China over the next three years.
The loan facilities are subject to approvals by CEXIM, customary closing conditions and the execution of satisfactory documentation.
"We are very pleased to announce the signing of this framework agreement in Beijing, China as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group," said Vince Lok, Teekay's Chief Financial Officer.
"We anticipate that the shipyards in China will become an increasingly important supplier of vessels for Teekay, as we have seen recently with the construction of Teekay Offshore's Units for Maintenance and Safety in China."
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