Teekay Offshore Partners Announces Pricing of Follow-on Offering
September 12 2012 - 9:20AM
Marketwired
Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore or the
Partnership) announced today that it has priced its follow-on
public offering of 7,400,000 common units, representing limited
partner interests, at $27.65 per unit. Teekay Offshore has granted
the underwriters a 30-day option to purchase up to 1,110,000
additional common units.
The Partnership expects to use the net proceeds from the public
offering to partially finance the purchase price of the Voyageur
Spirit FPSO unit that the Partnership has agreed to acquire from
Teekay Corporation (the Voyageur Acquisition). Until the closing of
the Voyageur Acquisition, which is expected to occur in November
2012, the Partnership expects to use the net proceeds from the
offering and the related capital contribution by its general
partner to repay a portion of the Partnership's outstanding debt
under its revolving credit facilities. The Partnership intends to
reborrow under its revolving credit facilities to partially finance
the Voyageur Acquisition upon the closing. The Partnership intends
to finance the remaining purchase price of the Voyageur Acquisition
through (a) the issuance by the Partnership to Teekay Corporation
of $40 million of the Partnership's common units upon the closing
of the Voyageur Acquisition (valued at the same price per unit to
the public in the offering) and (b) borrowings under a new bank
facility.
Teekay Offshore 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
fleet of 39 shuttle tankers (four of which are chartered-in), three
floating production, storage and offloading (FPSO) units, five
floating storage and offtake (FSO) units and nine conventional
crude oil Aframax tankers.
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 Citigroup,
BofA Merrill Lynch and RBC Capital Markets. The senior co-managers
for the offering are Barclays, Credit Suisse, Deutsche Bank
Securities and Raymond James. The co-managers for the offering are
ABN AMRO, ING and Natixis.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from Citigroup, Brooklyn Army Terminal, 140 58th Street,
8th Floor, Brooklyn, NY, 11220, Tel: (800) 831-9146, e-mail:
batprospectusdept@citi.com; BofA Merrill Lynch, 222 Broadway, 7th
Floor, New York, NY 10038, Attn: Prospectus Department or by
emailing BofA Merrill Lynch at dg.prospectus_requests@baml.com; or
RBC Capital Markets, Attention: Prospectus Department, Three World
Financial Center, 200 Vesey Street, 10th Floor, New York, NY
10281-8098. By email at CM-USA-Prospectus@rbc.com, or Toll-Free:
877-280-1299.
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
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