Overview

China Construction Bank signs $174.3 million sale-leaseback agreement with Teekay LNG Partners L.P. for LNG carrier newbuilding

Commitments (Constant USD, 2023)$185,477,228

Commitment Year•2017Country of Activity•Marshall IslandsDirect Recipient Country of Incorporation•Marshall IslandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2017

Last repayment (originally scheduled): Dec 30, 2026

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

China Construction Bank Corporation (CCB)

Receiving agencies

Private Sector

Teekay LNG Partners L.P. (Seapeak LLC)

Loan description

China Construction Bank signs $174.3 million sale-leaseback agreement with Teekay LNG Partners L.P. for LNG carrier newbuilding

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

On April 21, 2017, China Construction Bank (CCB) signed a USD $174.3 million sale-leaseback agreement with Teekay LNG Partners L.P., a company incorporated under the laws of the Republic of The Marshall Islands. The agreement was for one of Teekay LNG Partners' wholly-owned LNG carrier newbuildings, scheduled to be delivered in late 2017. According to the agreement, on this date, China Construction Bank will take delivery and charter the vessel back to the Teekay LNG Partnership, and at the end of the 10-year tenor of this lease, Teekay LNG Partners has an obligation to repurchase the vessel from China Construction Bank.