Teekay Offshore Contemplates Norwegian Bond Issuance
November 09 2010 - 3:01AM
Marketwired
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE: TOO) announces that it intends to issue 500-700 million NOK
in new senior unsecured bonds in the Norwegian bond market that
mature in November 2013 which, at current conversion rates, have an
aggregate principal amount equivalent to approximately USD 85-120
million. The proceeds of the bonds are expected to be used for
general partnership purposes including repayment of existing credit
facility debt. Teekay Offshore expects to apply for listing of the
bond on the Oslo Stock Exchange.
A portion of the bonds may be offered in the United States to
qualified institutional investors (or QIBs) as defined in Rule 144A
of the U.S. Securities Act of 1933 (the Securities Act)
concurrently with bonds offered outside of the United States
pursuant to Regulation S of the Securities Act.
DnB NOR Markets has been appointed as arranger of the
contemplated bond issuance.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the bonds or any other
security of Teekay Offshore. The bonds have not been and will not
be registered under the Securities Act or any state securities
laws. Unless so registered, the bonds may not be offered or sold in
the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable
state securities laws.
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 U.S. Securities and Exchange
Commission. Teekay Offshore undertakes no obligation to revise or
update any forward looking statements, unless required to do so
under the securities laws.
About Teekay Offshore
Teekay Offshore Partners L.P., a publicly-traded master limited
partnership formed by Teekay Corporation (NYSE: TK), is an
international provider of marine transportation, production and
storage services to the offshore oil industry. Teekay Offshore owns
a 51 percent interest in and controls Teekay Offshore Operating
L.P., a Marshall Islands limited partnership with a fleet of 33
shuttle tankers (including six chartered-in vessels), four FSO
units, eleven conventional oil tankers. Teekay Offshore Operating
L.P. has also agreed to acquire two newbuilding shuttle tankers
from Teekay Corporation upon the commencement of their respective
time-charter contracts in 2011. In addition, Teekay Offshore has
direct ownership interests in two shuttle tankers, two FSO units,
and two FPSO units. Teekay Offshore also has rights to participate
in certain other FPSO and FSO opportunities of Teekay
Corporation.
Teekay Offshore Partners' common units trade on the New York
Stock Exchange under the symbol "TOO".
Contacts: Teekay Offshore Partners L.P. Kent Alekson Investor
Relations Enquiries + 1 (604) 609-6442 www.teekayoffshore.com
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