Teekay Offshore Announces $45 Million Equity Private Placement
July 13 2012 - 9:25AM
Marketwired
Teekay Offshore GP L.L.C., the general partner of Teekay Offshore
Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO),
announced today that it has issued approximately 1.7 million common
units in a private placement to a group of institutional investors
for proceeds of approximately $45 million (excluding its general
partner's proportionate capital contribution). The Partnership
intends to use the proceeds from the sale of common units to
partially fund its previously announced acquisition of four
newbuilding shuttle tankers that are scheduled to deliver in
mid-2013. The institutional investors participating in the private
placement are funds managed by Salient Capital Advisors, LLC,
ClearBridge Advisors, LLC and Harvest Fund Advisors LLC.
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 securities offered
have not been registered under the U.S. Securities Act of 1933, as
amended, or any other securities laws and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements.
About Teekay Offshore
Teekay Offshore Partners L.P. is an international provider of
marine transportation, oil production and storage services to the
offshore oil industry focusing on the fast-growing, deepwater
offshore oil regions of the North Sea and Brazil. Teekay Offshore
owns interests in 40 shuttle tankers (including four chartered-in
vessels and four committed newbuildings), three floating
production, storage and offloading (FPSO) units, five floating
storage and offtake (FSO) units and nine conventional oil tankers.
In addition, Teekay Offshore has rights to participate in certain
other FPSO and shuttle tanker opportunities provided by Teekay
Corporation (NYSE:TK) and Sevan Marine ASA (OSLO:SEVAN). The
majority of Teekay Offshore's fleet trades on long-term, stable
contracts and it is structured as a publicly-traded master limited
partnership (MLP).
Teekay Offshore's 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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