Teekay Offshore Partners Announces Pricing of Series A Preferred Offering
April 23 2013 - 9:28AM
Marketwired
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE:TOO) announced today that it has priced its public offering
of 6,000,000 7.25% Series A Cumulative Redeemable Preferred Units
(Series A Preferred Units), representing limited partner interests,
at $25.00 per unit. Distributions will be payable on the Series A
Preferred Units at an initial rate of 7.25% per annum of the stated
liquidation preference of $25.00. The offering is expected to close
on April 30, 2013.
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 Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley
& Co. LLC and UBS Securities LLC. The joint lead managers for
this offering are Credit Suisse Securities (USA) LLC and RBC
Capital Markets, LLC. The co-managers for this offering are DNB
Markets, Inc., Scotia Capital (USA) Inc. and Santander Investment
Securities Inc.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from Merrill Lynch, Pierce, Fenner & Smith
Incorporated, 222 Broadway, New York, NY 10038, Attn: Prospectus
Department or by emailing Merrill Lynch, Pierce, Fenner & Smith
Incorporated at dg.prospectus_requests@baml.com; Morgan Stanley
& Co. LLC, 180 Varick Street, Second Floor, New York, New York
10014; or UBS Securities LLC, 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 offering may be made
only by means of a prospectus meeting the requirements of the
Securities Act of 1933, as amended. 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, and the
prospectus.
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) 609-6442 www.teekayoffshore.com
Teekay Offshore Partners (NYSE:TOO)
Historical Stock Chart
From May 2024 to Jun 2024
Teekay Offshore Partners (NYSE:TOO)
Historical Stock Chart
From Jun 2023 to Jun 2024