Teekay Offshore Announces $60 Million Equity Private Placement
April 16 2013 - 4:49PM
HAMILTON, BERMUDA--(Marketwired - April 16, 2013)
- 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
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Teekay Offshore Partners L.P. via Thomson Reuters
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