Teekay LNG authorizes $100M unit repurchase program
Teekay LNG's general partner Teekay GP has authorized a common unit repurchase program for the repurchase of up to $100M of Teekay LNG's common units. At the special meeting of common unitholders, all proposals, including the proposal to allow Teekay LNG to elect to be treated as a corporation, instead of a partnership, for U.S. federal income tax purposes, were approved by unitholders. As a result, effective January 1, 2019, Teekay LNG will be treated as a corporation for U.S. federal income tax purposes and common and preferred unitholders will receive Form 1099s instead of Schedule K-1s relating to distributions taxable as dividends commencing in 2019. Teekay LNG will remain a master limited partnership, and all other provisions of the Partnership's limited partnership agreement remain in effect.