Teekay Corporation Announces Proposed Common Stock Offering
January 23 2018 - 4:03PM
Teekay Corporation (Teekay or the Company) (NYSE:TK) today
announced that it has commenced an offering to sell, subject to
market and other conditions, 10 million shares of its common stock
pursuant to an effective shelf registration statement in an
underwritten public offering. Teekay also intends to grant
the underwriters a 30-day option to purchase 1.5 million additional
shares of common stock.
The Company also announced by separate press
release that it has commenced a private unregistered offering to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended, of $100 million aggregate
principal amount of convertible senior notes due 2023 (or up to
$115 million aggregate principal amount if the initial purchasers
in that offering exercise in full their option to purchase
additional convertible senior notes). Nothing contained herein
shall constitute an offer to sell or the solicitation of an offer
to buy the convertible senior notes.
The joint book-running managers for the common
stock offering are Morgan Stanley, J.P. Morgan Securities LLC, BofA
Merrill Lynch, and UBS Securities LLC. The co-managers for
this offering are BNP Paribas Securities Corp. and Credit Agricole
Securities (USA) Inc.
The Company expects to use the net proceeds from
the offerings for general corporate purposes, which may include,
among other things, repaying a portion of its outstanding
indebtedness and funding working capital.
When available, copies of the prospectus
supplement and accompanying base prospectus related to this
offering may be obtained from Morgan Stanley, 180 Varick
Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department;
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at
(866) 803-9204; BofA Merrill Lynch, NC1-004-03-43, 200 North
College Street, 3rd floor, Charlotte, NC 28255-0001, Attn:
Prospectus Department, Email: dg.prospectus_requests@baml.com; or
UBS Securities LLC, 1285 Avenue of the Americas, New York, NY
10019, Attn: Prospectus Department, telephone (888) 827-7275.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The common
stock will be offered and sold pursuant to an effective
registration statement on Form F-3, filed with the Securities
and Exchange Commission (SEC).
The statements in this press release that are
not historical facts may be forward-looking statements. These
forward-looking statements involve risks and uncertainties that
could cause the outcome to be materially different. These risks and
uncertainties include, but are not limited to, those discussed in
Teekay’s public filings with the SEC. Teekay undertakes no
obligation to revise or update any forward looking statements,
unless required to do so under the securities laws.
About Teekay
Teekay Corporation operates in the marine
midstream space through its ownership of the general partner and a
portion of the outstanding limited partner interests in Teekay LNG
Partners L.P. (NYSE:TGP) and an interest in the general partner and
a portion of the outstanding limited partner interests in Teekay
Offshore Partners L.P. (NYSE:TOO). The general partners own all of
the outstanding incentive distribution rights of these entities. In
addition, Teekay has a controlling ownership interest in Teekay
Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The
combined Teekay entities manage and operate total assets under
management of approximately $13 billion, comprised of approximately
210 liquefied gas, offshore, and conventional tanker assets. With
offices in 14 countries and approximately 8,000 seagoing and
shore-based employees, Teekay provides a comprehensive set of
marine services to the world’s leading oil and gas companies.
Teekay’s common stock is listed on the New York
Stock Exchange where it trades under the symbol “TK”.
For Investor Relations
enquiries contact:
Ryan HamiltonTel: +1 (604) 609-2963
Teekay (NYSE:TK)
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