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EBITDA of USD 108.2m (+0% vs ARCe, +10% YoY)USD 50m discretionary dividend announcedRefinancing of Evergas fleet continuesCredit neutral quarterSeapeak bonds is attractive risk/reward
Teekay LNG Partners LP
Adj EBITDA of USD 109.4m (-4% vs ARCe)3Y charter extensionRefinancings concluded, RCF and NOK bond on to-do list in '25Credit Neutral quarter, attractive bonds
EBITDA of USD 111m (+1% vs ARCe)Zero dividends to StonepeakSenior Unsecured RCF refinanced at SOFR +150bpsAngola J/V being refinanced, No maturites prior to 2025Credit positive quarter
Q1 EBITDA of USD 110m (+3% vs ARCe)One-off accounting gains lift PnLCredit neutral quarter with limited chartering newsAttractive bonds
EBITDA of USD 98.7m (+9% vs ARCe), JV Adj. USD 188m (+12% vs ARCe)Secures 23Y contract for Seapeak Creole, adding USD 500m EBITDA backlog (ARCe)USD 215m equity contribution from Stonepeak related to the ExxonMobil newbuildsAttractive bonds
Seapeaks credit profile has improved on the back of its two recent transactions, strengthening diversification from both a sector and counterparty perspective. Furthermore, the transactions added significant revenue visibility at what we consider to be attractive IRR’s. The bonds have repriced substantially on the back of the deal, but we expect the market to continue to demand a ~50bps premium to peers due to the Yamal LNG exposure.
Ordering 5x 174,000 MEGA LNGC newbuildings for USD 1,075m Newbuilds to go on 10 year contracts with international energy major Stonepeak to fund 20% instalment (USD 215m equity injection) Bonds to reprice at least ~100bps on equity injection and contract
Q3/22 EBITDA of USD 82.3m (-7% vs ARCe, -2% Q-o-Q) Net profit of USD 148m (+45% q-o-q) due to non-cash one-offs Adds 5.4y of backlog across 3 ships Neutral Q3/22 report, bonds offering 200bps pick-up for geopolitics
Seapeak to acquire Evergas for USD 700m in all-cash transaction Adds 2x VLEC and 8x multigas carriers on long term charters to INEOS Improves diversification while adding stable long term cash flows Credit accretive deal should lead to bond tightening
Calm on Yamal Bullish on LNG tenders and M&A opportunities Strong LNG market outlook Bonds trading ~180bps wider than index, significant tightening potential
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