Teekay Offshore Partners Announces Public Offering of Series A Preferred Units
April 22 2013 - 10:10AM
HAMILTON, BERMUDA--(Marketwired - April 22, 2013)
- 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.
Contact
Information
Teekay Offshore Partners L.P.
Kent Alekson
Investor Relations
+1 (604) 844-6654
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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