Importantly, the net proceeds from this divestment allowed us to further delever Teekay Parent's balance sheet while also enabling us to reduce the size of our new secured bond offering to $250 million and shorten the tenure to three and a half years which provides a more flexible and lower cost capital structure to better suit our delevering strategy going forward. In addition, after being approached by Brookfield in late April, we agreed to sell to them our remaining ownership interest in Teekay Offshore which was an important milestone in our evolution and is aligned with Teekay's strategy to simplify and focus on our core gas and tanker businesses. We also reduced guarantees of Teekay Tankers' debt facilities, completed over $2.5 billion of fixed rate gas projects and adopted more conservative financial policies to retain more capital to strengthen our balance sheet, including the recent elimination of Teekay Corporation's dividend in conjunction with the 2020 bond refinancing. We raised $750 million of new capital and with Brookfield as a new controlling owner, eliminated over $500 million in Teekay Parent guarantees of Teekay Offshore liabilities. Strategic transaction with Brookfield relating to Teekay Offshore in September 2017 was of critical importance. This has been challenging as we simultaneously had to execute on a very large project order book that was committed in a much stronger market than we had been facing over the last three to four years. Over the past few years, we have completed a number of initiatives with the objective of de-risking, delevering and preserving value and optionality.
We believe we have now reached a positive turning point and are positioned to create greater long term value. We are also pleased to announce that earlier today we signed a one-year charter extension for the Banff FPSO out to August 2020 with Canadian Natural Resources for the Banff and Kyle fields in the UK sector of the North Sea. I will touch on these transactions in more detail later in the presentation. In May, we completed the sale of our remaining interest in Teekay Offshore for total cash proceeds of $100 million and refinanced Teekay Parent's 2020 bond maturity with a new $250 million, 9.25% secured bond due in November 2022. For further details on our first quarter results as well as our second quarter outlook, please refer to the slides in the appendices to this presentation. This was down compared to the first quarter of 2018 mainly as a result of lower revenues from our three FPSOs as mentioned earlier, partially offset by a 36% increase in Teekay LNG's quarterly cash distribution during the quarter. We will cover this in more detail later in the presentation.Īlso in the quarter, Teekay Parent generated negative adjusted EBITDA of $2 million which includes EBITDA from our directly owned assets and cash distributions from our publicly traded Daughter Entities. However our results were impacted by lower revenues from Teekay Parent's directly owned FPSO units as a result of some unplanned maintenance, low oil production and timing differences arising from the adoption of the new lease accounting standard on January 1, which in aggregate reduced revenues by approximately $8 million in the first quarter of 2019. Our stronger first quarter consolidated results were driven by the start up of various growth projects across the Teekay Group, certain LNG carriers commencing new charters at higher rates and higher spot tanker rates. We also reported a consolidated adjusted net loss of $13 million or $0.13 per share, an improvement from an adjusted net loss of $18 million or $0.19 per share in the same period of the prior year. In the first quarter, Teekay Corporation generated total adjusted EBITDA of $237 million which is up over 40% from the same period of the prior year. Starting with Slide 3 of the presentation.
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