Teekay Offshore Contemplates Norwegian Bond Issuance
January 13 2014 - 9:30AM
Marketwired
Teekay Offshore Contemplates Norwegian Bond Issuance
HAMILTON, BERMUDA--(Marketwired - Jan 13, 2014) - Teekay
Offshore Partners L.P. (Teekay Offshore or the
Partnership) (NYSE:TOO) announced that it intends to issue
minimum NOK 700 million in new senior unsecured bonds in the
Norwegian bond market that mature in January 2019 which, at current
conversion rates, have an aggregate minimum principal amount
equivalent to approximately USD 115 million. The proceeds of the
bonds will be used for general partnership purposes. Teekay
Offshore will apply for listing of the new bonds on the Oslo Stock
Exchange.
A portion of the bonds may be offered in the United States to
qualified institutional investors (or QIBs) as defined in
Rule 144A of the U.S. Securities Act of 1933 (the Securities
Act) concurrently with bonds offered outside of the United
States pursuant to Regulation S of the Securities Act.
DNB Markets, Nordea Markets and Swedbank Norway have been
appointed as Joint Lead Managers of the contemplated bond issuance.
Nordea Markets is not registered with the U.S. Securities and
Exchange Commission as a U.S. registered broker-dealer and will not
participate in the offer or sale of the bonds within the United
States.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the bonds or any other
security of Teekay Offshore. The bonds have not been and will not
be registered under the Securities Act or any state securities
laws. Unless so registered, the bonds may not be offered or sold in
the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable
state securities laws.
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements, which include statements involving the contemplated
bond offering, involve risks and uncertainties that could cause the
outcome to be materially different. These risks and uncertainties
include, but are not limited to, the possibility that the bond
issuance may not be completed in the aggregate principal amount
contemplated, or at all, and those discussed in Teekay Offshore's
public filings with the U.S. Securities and Exchange Commission.
Teekay Offshore undertakes no obligation to revise or update any
forward looking statements, unless required to do so under the
securities laws.
About Teekay Offshore
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 34 shuttle tankers (including
two 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 Partners' 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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