Moody's: Meridian notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the Meridian Spirit ApS notes to be issued through a private placement (Regulation D) in the amount of $195 million.

The notes will have a 17-year term and will amortize in full, with a final maturity in August 2030.

The outlook is stable.

Meridian Spirit ApS is a special purpose company established in Denmark, and is the owner of the liquefied natural gas vessel Meridian Spirit (LNG Vessel). Meridian Spirit is owned by Teekay LNG Partners LP (52%) and Marubeni Corp. (48%) (rated Baa2 stable) through their interests in the holding company MALT LNG Holding ApS. Teekay Shipping Ltd., a subsidiary of Teekay Corp., is the operator of the Meridian Spirit.

Proceeds of the Notes will be used to refinance a portion of the bridge loans obtained by MALT LNG, which were put in place to fund the sponsors' 2012 acquisition of six vessels, including the Meridian Spirit.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.