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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
  _____________________________________________________________
FORM 6-K
  _____________________________________________________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019
Commission file number 1- 32479
  _____________________________________________________________ 
TEEKAY LNG PARTNERS L.P.
(Exact name of Registrant as specified in its charter)
   _____________________________________________________________
4th Floor, Belvedere Building
69 Pitts Bay Road
Hamilton, HM 08 Bermuda
(Address of principal executive office)
   _____________________________________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F  ý             Form 40-F  ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).
Yes  ¨            No   ý
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).
Yes  ¨            No   ý







 




TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
REPORT ON FORM 6-K FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
INDEX
 
 
PART I: FINANCIAL INFORMATION
PAGE
 
 
 
 
 
 
 
 
 

2




ITEM 1 – FINANCIAL STATEMENTS
TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (notes 1 and 2)
(in thousands of U.S. Dollars, except unit and per unit data)

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
$
 
$
 
$
 
$
Voyage revenues (notes 6 and 10a)
 
149,655

 
123,336

 
452,459

 
360,957

Voyage expenses
 
(4,961
)
 
(7,956
)
 
(16,759
)
 
(21,708
)
Vessel operating expenses (note 10a)
 
(27,321
)
 
(26,021
)
 
(80,879
)
 
(87,207
)
Time-charter hire expense (notes 5b and 10a)
 
(5,336
)
 
(1,690
)
 
(14,007
)
 
(1,690
)
Depreciation and amortization
 
(34,248
)
 
(32,238
)
 
(103,712
)
 
(91,299
)
General and administrative expenses (notes 10a and 14)
 
(5,393
)
 
(5,783
)
 
(17,692
)
 
(20,700
)
Write-down of vessels (note 16)
 
(785
)
 
(2,201
)
 
(785
)
 
(53,863
)
Restructuring charges (note 15)
 

 
(449
)
 
(2,976
)
 
(1,845
)
Income from vessel operations
 
71,611

 
46,998

 
215,649

 
82,645

Equity income (note 7)
 
21,296

 
14,679

 
28,612

 
52,597

Interest expense
 
(40,574
)
 
(35,875
)
 
(123,809
)
 
(88,752
)
Interest income
 
1,025

 
980

 
3,063

 
2,796

Realized and unrealized (loss) gain on non-designated
derivative instruments
 (note 11)
 
(3,270
)
 
2,515

 
(17,713
)
 
14,818

Foreign currency exchange gain (loss) (notes 8 and 11)
 
2,879

 
1,445

 
(5,095
)
 
8,615

Other (expense) income (notes 5a and 12b)
 
(1,174
)
 
314

 
(687
)
 
(51,918
)
Net income before income tax expense
 
51,793

 
31,056

 
100,020

 
20,801

Income tax expense (note 9)
 
(1,442
)
 
(1,549
)
 
(6,492
)
 
(3,171
)
Net income
 
50,351

 
29,507

 
93,528

 
17,630

Non-controlling interest in net income
 
2,983

 
3,557

 
8,108

 
(4,160
)
Preferred unitholders' interest in net income
 
6,426

 
6,425

 
19,276

 
19,276

General partner's interest in net income
 
820

 
391

 
1,324

 
51

Limited partners’ interest in net income
 
40,122

 
19,134

 
64,820

 
2,463

Limited partners’ interest in net income per common unit (note 13):
 


 


 


 


• Basic
 
0.51

 
0.24

 
0.83

 
0.03

• Diluted
 
0.51

 
0.24

 
0.83

 
0.03

Weighted-average number of common units outstanding (note 13):
 


 


 


 


• Basic
 
78,012,514
 
79,687,499
 
78,402,239
 
79,671,051
• Diluted
 
78,106,770
 
79,859,471
 
78,488,331
 
79,832,978

Related party transactions (note 10)

Subsequent events (note 18)

The accompanying notes are an integral part of the unaudited consolidated financial statements.


3



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (notes 1 and 2)
(in thousands of U.S. Dollars)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
$
 
$
 
$
 
$
Net income
50,351

 
29,507

 
93,528

 
17,630

Other comprehensive (loss) income:


 


 


 


Other comprehensive (loss) income before reclassifications


 


 


 


Unrealized (loss) gain on qualifying cash flow hedging instruments,
net of tax
(19,577
)
 
6,940

 
(71,815
)
 
16,129

Amounts reclassified from accumulated other comprehensive
(loss) income, net of tax


 


 


 


To equity income:


 


 


 


Realized loss (gain) on qualifying cash flow hedging instruments
401

 
(86
)
 
(296
)
 
(703
)
To interest expense:
 
 
 
 
 
 
 
Realized (gain) loss on qualifying cash flow hedging instruments (note 11)
(22
)
 
(37
)
 
(430
)
 
211

Other comprehensive (loss) income
(19,198
)
 
6,817

 
(72,541
)
 
15,637

Comprehensive income
31,153

 
36,324

 
20,987

 
33,267

Non-controlling interest in comprehensive income
2,310

 
3,988

 
5,210

 
(2,202
)
Preferred unitholders' interest in comprehensive income
6,426

 
6,425

 
19,276

 
19,276

General and limited partners' interest in comprehensive income
22,417

 
25,911

 
(3,499
)
 
16,193

The accompanying notes are an integral part of the unaudited consolidated financial statements.

4



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS (notes 1 and 2)
(in thousands of U.S. Dollars)
 
As at September 30,
2019
 
As at December 31,
2018
 
$
 
$
ASSETS
 
 
 
Current
 
 
 
Cash and cash equivalents
142,860

 
149,014

Restricted cash – current (note 17)
58,109

 
38,329

Accounts receivable, including non-trade of $9,002 (2018 – $6,461)
14,649

 
20,795

Prepaid expenses
9,383

 
8,076

Current portion of derivative assets (note 11)
464

 
835

Current portion of net investments in direct financing leases (note 6)
13,365

 
12,635

Current portion of advances to equity-accounted joint ventures (note 7)
79,108

 
79,108

Advances to affiliates (note 10b)
17,471

 
8,229

Vessel held for sale (note 16c)
11,515

 

Other current assets
238

 
2,306

Total current assets
347,162

 
319,327

 
 
 
 
Restricted cash – long-term (note 17)
33,562

 
35,521

 
 
 
 
Vessels and equipment
 
 
 
At cost, less accumulated depreciation of $720,989 (2018 – $665,206)
1,604,581

 
1,657,338

Operating lease right-of-use asset (notes 2 and 5b)
37,431

 

Vessels related to finance leases, at cost, less accumulated depreciation
of $98,003 (2018 – $66,878)
(note 5a)
1,698,545

 
1,585,243

Advances on newbuilding contracts (note 10d)

 
86,942

Total vessels and equipment
3,340,557

 
3,329,523

Investments in and advances to equity-accounted joint ventures (note 7)
1,017,994

 
1,037,025

Net investments in direct financing leases (note 6)
548,072

 
562,528

Other assets
11,960

 
11,432

Derivative assets (note 11)
301

 
2,362

Intangible assets – net
45,580

 
52,222

Goodwill
34,841

 
34,841

Total assets
5,380,029

 
5,384,781

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current
 
 
 
Accounts payable
2,426

 
3,830

Accrued liabilities (notes 11 and 15)
78,701

 
74,753

Unearned revenue (note 6)
25,732

 
30,108

Current portion of long-term debt (note 8)
390,569

 
135,901

Current obligations related to finance leases (note 5a)
69,661

 
81,219

Current portion of operating lease liabilities (notes 2 and 5b)
13,252

 

Current portion of derivative liabilities (note 11)
37,523

 
11,604

Advances from affiliates (note 10b)
8,861

 
14,731

Total current liabilities
626,725

 
352,146

Long-term debt (note 8)
1,437,282

 
1,833,875

Long-term obligations related to finance leases (note 5a)
1,358,485

 
1,217,337

Long-term operating lease liabilities (notes 2 and 5b)
24,179

 

Other long-term liabilities (note 12c)
46,180

 
43,788

Derivative liabilities (note 11)
72,466

 
55,038

Total liabilities
3,565,317

 
3,502,184

Commitments and contingencies (notes 5, 8, 11 and 12)


 


 
 
 
 
Equity
 
 
 
Limited partners - common units (77.5 million units and 79.4 million units issued and outstanding at September 30, 2019 and December 31, 2018, respectively)
1,497,544

 
1,496,107

Limited partners - preferred units (11.8 million units issued and outstanding at September 30, 2019 and December 31, 2018)
285,159

 
285,159

General partner
49,303

 
49,271

Accumulated other comprehensive (loss) income
(71,757
)
 
2,717

Partners' equity
1,760,249

 
1,833,254

Non-controlling interest
54,463

 
49,343

Total equity
1,814,712

 
1,882,597

Total liabilities and total equity
5,380,029

 
5,384,781

The accompanying notes are an integral part of the unaudited consolidated financial statements.

5



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (notes 1 and 2)
(in thousands of U.S. Dollars)
 
Nine Months Ended September 30,
 
2019
 
2018
 
$
 
$
Cash and cash equivalents provided by (used for)
 
 
 
 
 
 
 
OPERATING ACTIVITIES
 
 
 
Net income
93,528

 
17,630

Non-cash and non-operating items:
 
 
 
Unrealized loss (gain) on non-designated derivative instruments (note 11)
10,315

 
(38,201
)
Depreciation and amortization
103,712

 
91,299

Write-down of vessels
785

 
53,863

Unrealized foreign currency exchange gain including the effect of the termination of cross currency swaps
(1,213
)
 
(12,313
)
Equity income, net of dividends received $25,374 (2018 – $11,583)
(3,238
)
 
(41,014
)
Ineffective portion on qualifying cash flow hedging instruments included in interest expense

 
(740
)
Amortization of deferred financing issuance costs included in interest expense
6,722


4,620

Other non-cash items
6,173

 
(9,881
)
Change in non-cash operating assets and liabilities
(15,227
)
 
3,422

Receipts from direct financing leases
9,242

 

Expenditures for dry docking
(8,836
)
 
(10,458
)
Net operating cash flow
201,963


58,227

 
 
 
 
Proceeds from issuance of long-term debt
158,924


685,547

Scheduled repayments of long-term debt
(95,730
)

(173,488
)
Prepayments of long-term debt
(183,787
)

(440,820
)
Financing issuance costs
(989
)

(8,534
)
Proceeds from financing related to sales and leaseback of vessels
317,806


370,050

Scheduled repayments of obligations related to finance leases
(54,484
)

(45,281
)
Prepayment of obligations related to finance leases
(111,617
)


Repurchase of common units (note 13)
(25,729
)


Cash distributions paid
(60,926
)

(52,535
)
Dividends paid to non-controlling interest
(90
)

(1,290
)
Net financing cash flow
(56,622
)

333,649

 
 
 
 
Expenditures for vessels and equipment, net of warranty settlement $44,890 (2018 $nil) (note 12a)
(91,503
)

(559,172
)
Capital contributions and advances to equity-accounted joint ventures
(42,171
)

(33,496
)
Return of capital and repayment of advances from equity-accounted joint ventures


5,000

Receipts from direct financing leases


8,361

Proceeds from sale of equity-accounted joint venture


54,438

Net investing cash flow
(133,674
)
 
(524,869
)
Increase (decrease) in cash, cash equivalents and restricted cash
11,667

 
(132,993
)
Cash, cash equivalents and restricted cash, beginning of the period
222,864

 
339,435

Cash, cash equivalents and restricted cash, end of the period
234,531

 
206,442

Supplemental cash flow information (note 17)


6



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY (notes 1 and 2)
(in thousands of U.S. Dollars and units)
 
TOTAL EQUITY
 
Partners’ Equity
 
 
 
 
 
Limited
Partners
 
 
 
 
 
 
 
 
 
Common Units
 
Common Units
 
Preferred Units
 
Preferred Units
 
General
Partner
 
Accumulated Other Comprehensive
Income (Loss)
 
Non- controlling Interest
 
Total
 
#
 
$                
 
#
 
$
 
$                
 
$                
 
$                
 
$                
Balance as at December 31, 2018
79,361

 
1,496,107

 
11,800

 
285,159

 
49,271

 
2,717

 
49,343

 
1,882,597

Net income

 
14,888

 

 
6,425

 
304

 

 
2,508

 
24,125

Other comprehensive loss

 

 

 

 

 
(21,390
)
 
(850
)
 
(22,240
)
Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common units ($0.14 per unit)

 
(10,997
)
 

 

 
(224
)
 

 

 
(11,221
)
   Preferred units Series A ($0.5625 per unit)

 

 

 
(2,812
)
 

 

 

 
(2,812
)
   Preferred units Series B ($0.5313 per unit)

 

 

 
(3,613
)
 

 

 

 
(3,613
)
Dividends paid to non-controlling interest

 

 

 

 

 

 
(20
)
 
(20
)
Change in accounting policy (note 2)

 
1,777

 

 

 
37

 
(4,831
)
 

 
(3,017
)
Equity-based compensation, net of
nominal withholding tax
(note 14)
81

 
810

 

 

 
17

 

 

 
827

Repurchase of common units (note 13)
(815
)
 
(9,307
)
 

 

 
(190
)
 

 

 
(9,497
)
Balance as at March 31, 2019
78,627

 
1,493,278

 
11,800

 
285,159

 
49,215

 
(23,504
)
 
50,981

 
1,855,129

Net income

 
9,810

 

 
6,425

 
200

 

 
2,617

 
19,052

Other comprehensive loss

 

 

 

 

 
(29,728
)
 
(1,375
)
 
(31,103
)
Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common units ($0.19 per unit)

 
(14,939
)
 

 

 
(305
)
 

 

 
(15,244
)
   Preferred units Series A ($0.5625 per unit)

 

 

 
(2,812
)
 

 

 

 
(2,812
)
   Preferred units Series B ($0.5313 per unit)

 

 

 
(3,613
)
 

 

 

 
(3,613
)
Dividends paid to non-controlling interest

 

 

 

 

 

 
(35
)
 
(35
)
Equity-based compensation, net of
withholding tax of $0.5 million
 (note 14)
1

 
(125
)
 

 

 
(3
)
 

 

 
(128
)
Repurchase of common units (note 13)
(187
)
 
(2,508
)
 

 

 
(51
)
 

 

 
(2,559
)
Balance as at June 30, 2019
78,441

 
1,485,516

 
11,800

 
285,159

 
49,056

 
(53,232
)
 
52,188

 
1,818,687

Net income

 
40,122

 

 
6,426

 
820

 

 
2,983

 
50,351

Other comprehensive loss

 

 

 

 

 
(18,525
)
 
(673
)
 
(19,198
)
Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common units ($0.19 per unit)

 
(14,881
)
 

 

 
(304
)
 

 

 
(15,185
)
   Preferred units Series A ($0.5625 per unit)

 

 

 
(2,813
)
 

 

 

 
(2,813
)
   Preferred units Series B ($0.5313 per unit)

 

 

 
(3,613
)
 

 

 

 
(3,613
)
Dividends paid to non-controlling interest

 

 

 

 

 

 
(35
)
 
(35
)
Equity-based compensation (note 14)
1

 
187

 

 

 
4

 

 

 
191

Repurchase of common units (note 13)
(932
)

(13,400
)
 

 

 
(273
)
 

 

 
(13,673
)
Balance as at September 30, 2019
77,510

 
1,497,544

 
11,800

 
285,159

 
49,303

 
(71,757
)
 
54,463

 
1,814,712








7



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY (notes 1 and 2)
(in thousands of U.S. Dollars and units)

 
TOTAL EQUITY
 
Partners’ Equity
 
 
 
 
 
Limited
Partners
 
 
 
 
 
 
 
 
 
Common Units
 
Common Units
 
Preferred Units
 
Preferred Units
 
General
Partner
 
Accumulated Other Comprehensive
Income
 
Non- controlling Interest
 
Total
 
#
 
$                
 
#
 
$
 
$                
 
$                
 
$                
 
$                
Balance as at December 31, 2017
79,627

 
1,539,248

 
11,800

 
285,159

 
50,152

 
4,479

 
52,385

 
1,931,423

Net (loss) income

 
(13,047
)
 

 
6,425

 
(272
)
 

 
(11,665
)
 
(18,559
)
Other comprehensive income

 

 

 

 

 
1,391

 
1,067

 
2,458

Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


   Common units ($0.14 per unit)

 
(11,148
)
 

 

 
(228
)
 

 

 
(11,376
)
   Preferred units Series A ($0.5625 per unit)

 

 

 
(2,812
)
 

 

 

 
(2,812
)
   Preferred units Series B ($0.5313 per unit)

 

 

 
(3,613
)
 

 

 

 
(3,613
)
Change in accounting policy

 
1,959

 

 

 
41

 

 
739

 
2,739

Equity-based compensation, net of
withholding tax of $0.6 million
 (note 14)
61

 
120

 

 

 
3

 

 

 
123

Balance as at March 31, 2018
79,688

 
1,517,132

 
11,800

 
285,159

 
49,696

 
5,870

 
42,526

 
1,900,383

Net (loss) income

 
(3,624
)
 

 
6,426

 
(68
)
 

 
3,948

 
6,682

Other comprehensive income

 

 

 

 

 
5,902

 
460

 
6,362

Distributions declared: