Teekay Offshore Partners L.P. Announces $53.4 Million Equity Private Placement
December 19 2013 - 4:15PM
Marketwired
Teekay Offshore Partners L.P. Announces $53.4 Million Equity
Private Placement
HAMILTON, BERMUDA--(Marketwired - Dec 19, 2013) - Teekay
Offshore GP LLC., the general partner of Teekay Offshore Partners
L.P. (Teekay Offshore or the Partnership)
(NYSE:TOO), announced today that it has agreed to issue 1.75
million common units in a private placement to an institutional
investor for proceeds of approximately $53.4 million (excluding the
Partnership's general partner's proportionate capital
contribution). The Partnership intends to use the proceeds from the
sale of common units for general partnership purposes, which may
include funding vessel conversion projects and future vessel
acquisitions.
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 Partners L.P.
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
(MLP) and owns interests in 35 shuttle tankers (including
three chartered-in vessels), five floating production, storage and
offloading (FPSO) units, six floating storage and offtake
(FSO) units (including one committed FSO conversion unit),
four conventional oil tankers and one HiLoad Dynamic Positioning
(DP) unit. The majority of Teekay Offshore's fleet is
employed on long-term, stable contracts. In addition, Teekay
Offshore also has rights to participate in certain other FPSO,
shuttle tanker and HiLoad DP opportunities provided by Teekay
Corporation (NYSE:TK), Sevan Marine ASA (Oslo Bors:SEVAN) and
Remora AS.
Teekay Offshore's common units trade on the New York Stock
Exchange under the symbol "TOO".
Teekay Offshore Partners L.P.Ryan HamiltonInvestor Relations
Enquiries+1 (604) 609-2963www.teekayoffshore.com
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