Teekay Offshore Partners Announces Proposed Aggregate $500 Million Private Offering of Senior Notes
June 12 2018 - 11:09PM
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE:TOO) announced today that, subject to market conditions, it
intends to offer, with its wholly-owned subsidiary, Teekay Offshore
Finance Corp., $500 million in aggregate principal amount of senior
unsecured notes due 2023 (the Notes) in a private placement to
eligible purchasers under Rule 144A and Regulation S of the
Securities Act of 1933, as amended (the Securities Act). The
Partnership expects to use the net proceeds from the offering to
fund the tender offers to purchase any and all of its outstanding
6% Senior Notes due 2019 and any and all of its outstanding
Norwegian Kroner-denominated senior notes due 2019, to fund the
repayment of a cross currency swap, to pay any fees and expenses
relating to the tender offers and the remainder for general
partnership purposes, which may include the repayment of
indebtedness. The proposed offering is not conditioned on the
consummation of the tender offers.
The Notes to be offered will not be registered
under the Securities Act, or any state securities laws, and may not
be offered or sold in the United States absent registration or an
applicable exemption from registration requirements of the
Securities Act and applicable state securities laws. The Notes are
being offered and sold only to persons reasonably believed to be
qualified institutional buyers in the United States pursuant to
Rule 144A under the Securities Act and to certain non-U.S. persons
outside the United States in compliance with Regulation S under the
Securities Act.
This news release is being issued pursuant to
Rule 135c under the Securities Act and 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.
About Teekay Offshore
Teekay Offshore Partners L.P. is a leading
international midstream services provider to the offshore oil
production industry, focused on the ownership and operation of
critical infrastructure assets in offshore oil regions of the North
Sea, Brazil and the East Coast of Canada. Teekay Offshore is
structured as a publicly-traded master limited partnership (MLP)
with consolidated assets of approximately $5.7 billion, comprised
of 63 offshore assets, including floating production, storage and
offloading (FPSO) units, shuttle tankers, floating storage and
offtake (FSO) units, long distance towing and offshore installation
vessels, a floating accommodation unit (FAU), and conventional
tankers. The majority of Teekay Offshore's fleet is employed on
medium-term, stable contracts.
Teekay Offshore's common units and preferred
units trade on the New York Stock Exchange under the symbols "TOO",
"TOO PR A", "TOO PR B" and “TOO PR E”, respectively.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com
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