Teekay Offshore Partners Announces Public Offering of 5,600,000 Common Units
December 02 2010 - 4:18PM
Marketwired
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE: TOO) announced today that it plans to offer 5,600,000 common
units, representing limited partner interests, in a public
offering. Teekay Offshore expects to grant the underwriters a
30-day option to purchase an additional 840,000 common units to
cover over-allotments, if any. 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 has offered or may offer to it. Pending the application
of funds for these purposes, the Partnership expects to repay a
portion of its outstanding debt under 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 (six of which are
chartered-in), four floating storage and offtake (FSO) units and 11
conventional crude oil Aframax tankers. The Partnership also has
direct ownership interests in two shuttle tankers, two FSO units
and two floating production, storage and offloading (FPSO)
units.
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 are
Raymond James and Wells Fargo Securities.
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. The common units will be
offered and sold pursuant to an effective registration statement on
Form F-3 previously filed with the Securities and Exchange
Commission (the SEC). This offering may be made only by means of a
prospectus supplement and accompanying base prospectus, which will
be filed with 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 www.teekayoffshore.com
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