Teekay Offshore Announces $60 Million Equity Private Placement
April 16 2013 - 4:05PM
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 intends to issue approximately 2.06 million
common units in a private placement to an institutional investor
for proceeds of approximately $60 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 for deliveries
throughout 2013, and for general partnership purposes. The
transaction is expected to be completed by Friday, April 19,
2013.
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
is structured as a publicly-traded master limited partnership and
owns interests in 37 shuttle tankers (including four chartered-in
vessels and four committed newbuildings), four floating production,
storage and offloading (FPSO) units, five floating storage and
offtake (FSO) units and six conventional oil tankers. The majority
of Teekay Offshore's fleet is employed on long-term, stable
contracts. 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
Bors:SEVAN).
Teekay Offshore's common units trade on the New York Stock
Exchange under the symbol "TOO".
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements (as defined in
Section 21E of the Securities Exchange Act of 1934, as amended)
which reflect management's current views with respect to certain
future events and performance, including statements regarding the
Partnership's intended private placement of common units and the
delivery and timing of certain newbuilding shuttle tankers. The
following factors are among those that could cause actual results
to differ materially from the forward-looking statements, which
involve risks and uncertainties, and that should be considered in
evaluating any such statement: the potential inability to satisfy
closing conditions for the private placement equity financing;
potential delay in newbuilding deliveries; and other factors
discussed in Teekay Offshore's filings from time to time with the
SEC, including its Report on Form 20-F for the fiscal year ended
December 31, 2012. The Partnership expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Partnership's expectations with respect
thereto or any change in events, conditions or circumstances on
which any such statement is based.
Contacts: Teekay Offshore Partners L.P. Kent Alekson Investor
Relations +1 (604) 609-6442 www.teekayoffshore.com
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