Teekay Offshore Partners Announces Pricing of Series A Preferred Offering
April 23 2013 - 10:06AM
HAMILTON, BERMUDA--(Marketwired - April 23, 2013)
- 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
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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