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GLOG - Teekay: Significant IDR Value Proven By The Perfect GasLog Comp
GasLog Ltd.
Brief Background & Executive Summary
Teekay Corp. (TK) is the general partner and largest unitholder in Teekay LNG Partners (TGP). Both firms have been heavily embattled since a major distribution cut in late-2015. TGP was forced to slash their dividend payout from $0.70 to $0.14 for 3-years in order to self-fund the entirety of their massive growth program. They have now concluded nearly $3B of newbuild financing and debt refinancing and the growth program will be fully complete within the next 4-5 months.