Teekay Offshore Partners Secures $450 Million Shuttle Tanker Fleet Refinancing
May 23 2019 - 6:58PM
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE:TOO) announced today that in accordance with previously noted
financing plans, it has secured a new $450 million revolving credit
facility for sixteen shuttle tankers. The facility will be used to
refinance the existing revolving credit facility dated September 8,
2017, currently fully drawn with outstanding amount of $445
million, and for general corporate purposes. The facility is funded
by commercial banks and bears interest at LIBOR + 250 basis points
with a five-year tenor and a profile of 8.4 years.
About Teekay Offshore
Teekay Offshore Partners L.P. is a leading
international midstream services provider to the offshore oil
production industry, primarily 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 has consolidated assets of approximately $5.2 billion,
comprised of 57 offshore assets, including floating production,
storage and offloading (FPSO) units, shuttle tankers (including six
newbuildings), floating storage and offtake (FSO) units,
long-distance towing and offshore installation vessels, and a unit
for maintenance and safety (UMS). 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
Relationsenquiries contact:
Jan Rune SteinslandTel: +47 9705 2533Website:
www.teekayoffshore.com
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