Teekay Offshore Partners Announces Public Offering of Series A Preferred Units
April 22 2013 - 9:29AM
Marketwired
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE:TOO) announced today that it plans to offer Series A
Cumulative Redeemable Preferred Units (Series A Preferred Units),
representing limited partner interests, in a public offering.
Teekay Offshore expects to grant the underwriters a 30-day option
to purchase additional Series A Preferred Units to solely cover
over-allotments, if any. The Partnership expects to use the net
proceeds from the public offering for general partnership purposes,
including the funding of newbuilding installments, capital
conversion projects and the acquisitions of vessels that Teekay
Corporation may offer to the Partnership. Pending the application
of funds for these purposes, the Partnership expects to repay a
portion of its outstanding debt under two of its revolving credit
facilities.
Teekay Offshore is a publicly-traded master limited partnership
formed by Teekay Corporation (NYSE:TK), and is an international
provider of marine transportation, oil production and storage
services to the offshore oil industry focusing on the fast-growing,
deep water offshore oil regions of the North Sea and Brazil. Teekay
Offshore currently owns a fleet of 37 shuttle tankers (including
four newbuildings), three floating production, storage and
offloading units, five floating storage and offtake units and six
conventional crude oil Aframax tankers.
Teekay Offshore intends to apply to have the Series A Preferred
Units listed on the New York Stock Exchange.
The joint book-running managers for this offering are BofA
Merrill Lynch, Morgan Stanley and UBS Investment Bank.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038,
Attn: Prospectus Department or by emailing BofA Merrill Lynch at
dg.prospectus_requests@baml.com; Morgan Stanley, 180 Varick Street,
Second Floor, New York, New York 10014; or UBS Investment Bank, 299
Park Avenue, New York, NY 10171, Attn: Prospectus Department.
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 Series A Preferred
Units will be offered and sold pursuant to an effective
registration statement on Form F-3, which was filed with the
Securities and Exchange Commission (the SEC) on April 22, 2013.
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 +1 (604) 844-6654 www.teekayoffshore.com
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