Teekay Offshore Partners Announces Pricing of Follow-on Offering
August 17 2010 - 8:57AM
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 5,250,000 common units, representing limited partner
interests, at $22.15 per unit. Teekay Offshore has granted the
underwriters a 30-day option to purchase up to an additional
787,500 units to cover over-allotments, if any. The offering is
expected to close on August 20, 2010.
The Partnership expects to use the net proceeds from the public
offering for general partnership purposes, including funding the
acquisitions of vessels that Teekay Corporation may offer to it.
Pending the application of funds for these purposes, the
Partnership expects to repay a portion of its outstanding debt
under 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, production 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 32 shuttle tankers (six 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, two FSO units and one floating
production, storage and offloading (FPSO) unit.
Teekay Offshore's common units trade on the New York Stock
Exchange under the symbol "TOO."
The joint book-running managers for this offering are BofA
Merrill Lynch, Citi and UBS Investment Bank. The co-managers for
the offering are Barclays Capital, Raymond James, Credit Agricole
CIB and ING.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from BofA Merrill Lynch, 4 World Financial Center, New
York, NY 10080, Attn: Prospectus Department or by emailing BofA
Merrill Lynch at dg.prospectus_requests@baml.com; Citi, Brooklyn
Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York,
11220, or by calling Citi toll-free at: 800-831-9146 or by
e-mailing Citi at: batprospectusdept@citi.com; or UBS Investment
Bank, Attn: Prospectus Dept., 299 Park Avenue, New York, NY 10171,
Tel: 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. 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) 844-6654 Teekay Offshore Partners L.P.
Alana Duffy Media Enquiries +1 (604) 844-6631
www.teekayoffshore.com
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