Teekay Offshore Partners L.P. Announces Direct Equity Placement
July 05 2011 - 5:47PM
Marketwired
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE: TOO) announced today that it has agreed to sell
approximately 0.7 million common units to an institutional investor
for net proceeds, including its general partner's proportionate
capital contribution, of approximately $20 million. The common
units are being sold pursuant to a registration statement
previously filed and declared effective by the Securities and
Exchange Commission. The Partnership intends to use the proceeds
from the sale of common units to partially fund the acquisition of
four newbuilding shuttle tankers, which upon delivery in mid- to
late-2013 will commence operations in Brazil under ten-year,
fixed-rate time-charter contracts with a subsidiary of BG Group
plc. The direct equity placement is expected to close on July 7,
2011, after which the Partnership will have approximately 63.5
million common units outstanding.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from at the SEC's website at www.sec.gov or from Corporate
Secretary, Teekay Offshore Partners L.P., 4th Floor Belvedere
Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda.
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.
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.
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, oil production and
storage services to the offshore oil industry. Teekay Offshore owns
40 shuttle tankers (including five chartered-in vessels and five
committed newbuildings), five Floating Storage and Offtake (FSO)
units, 11 conventional oil tankers, and two Floating Production
Storage and Offloading (FPSO) units. Teekay Offshore also has
rights to participate in certain other FPSO and shuttle tanker
opportunities provided by its sponsor, 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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