Teekay Offshore Partners Announces Pricing of Follow-On Offering
July 30 2009 - 8:52AM
Marketwired
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE: TOO) announced today that it has priced its follow-on public
offering of 6,500,000 common units, representing limited partner
interests, at $14.32 per unit. Teekay Offshore has granted the
underwriters a 30-day option to purchase up to an additional
975,000 units to cover over-allotments, if any.
The Partnership expects to use the net proceeds from the public
offering to repay amounts outstanding on one of its revolving
credit facilities.
Teekay Offshore Partners L.P. is a publicly-traded master
limited partnership formed by Teekay Corporation (NYSE: TK), and is
an international provider of marine transportation and storage
services to the offshore oil industry. Teekay Offshore currently
owns a 51% interest in and controls Teekay Offshore Operating L.P.,
which has a fleet of 33 shuttle tankers (eight of which are
chartered-in), four floating storage and offtake (FSO) units and
eleven conventional crude oil Aframax tankers. The Partnership also
has direct ownership interests in two shuttle tankers and one
FSO.
Teekay Offshore's common units trade on the New York Stock
Exchange under the symbol "TOO".
The offering is expected to close on August 4, 2009.
The joint book running managers for this offering are Citi, BofA
Merrill Lynch, UBS Investment Bank and Wells Fargo Securities. The
co-managers are Raymond James and DnB NOR Markets.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from Citi, Brooklyn Army Terminal, 140 58th Street, 8th
Floor, Brooklyn, New York, 11220, Attention: Prospectus Department,
Phone: (800) 831-9146; BofA Merrill Lynch, 4 World Financial
Center, New York, NY 10080, Attention: Prospectus Department; UBS
Investment Bank, Attn: Prospectus Dept, 299 Park Avenue, New York,
NY 10171, Tel: (888) 827-7275; or Wells Fargo Securities, Attn:
Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152,
Email: equity.syndicate@wachovia.com, Phone: (800) 326-5897.
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. This offering may be made
only by means of a prospectus supplement and accompanying base
prospectus, which have been filed with the Securities and Exchange
Commission (the 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
Offshore's public filings with the SEC. Teekay Offshore undertakes
no obligation to revise or update any forward looking statements,
unless required to do so under the securities laws.
Contacts: Teekay Offshore Partners L.P. Kent Alekson Investor
Relations Enquiries +1 (604) 609-6442 Teekay Offshore Partners L.P.
Alana Duffy Media Enquiries +1 (604) 844-6605
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