Teekay Offshore Partners Announces Public Offering of Senior Notes
May 20 2014 - 9:28AM
Marketwired
Teekay Offshore Partners Announces Public Offering of Senior Notes
HAMILTON, BERMUDA--(Marketwired - May 20, 2014) - Teekay
Offshore Partners L.P. (Teekay Offshore or the
Partnership) (NYSE:TOO) announced today that it plans to offer
senior unsecured notes due 2019 (the Notes) in a
registered public offering. The Partnership expects to use the net
proceeds from the public offering for general partnership purposes,
including funding newbuilding installments, capital conversion
projects and future acquisitions of vessels from Teekay Corporation
or third parties. Pending the application of funds for these
purposes, the Partnership expects to repay a portion of its
outstanding debt under certain of its credit facilities.
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 and
owns interests in 35 shuttle tankers (including two chartered-in
vessels and one HiLoad Dynamic Positioning (HiLoad
DP) unit), five floating production, storage and
offloading (FPSO) units, six floating storage and offtake
(FSO) units (including one committed FSO conversion unit),
four long-haul towing and anchor handling vessel newbuildings and
four conventional oil tankers. 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:SEVAN) and Remora
AS.
Teekay Offshore intends to apply to have the Notes listed on the
New York Stock Exchange.
The joint book-running managers and structuring agents for this
offering will be Sterne, Agee & Leach, Inc. and DNB Markets,
Inc. ABN AMRO, Raymond James and Scotiabank will act as co-managers
for this offering.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from Sterne, Agee & Leach, Inc., Prospectus
Department, 277 Park Avenue, New York, New York 10172, Email:
syndicate@sterneagee.com; or DNB Markets, Inc., 200 Park Avenue,
31st Floor, New York, New York, 10166, Tel.: (212) 551-9814.
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. This offering may be made
only by means of a prospectus supplement and accompanying base
prospectus. The offering is being made pursuant to an effective
registration statement and prospectus filed by Teekay Offshore with
the Securities and Exchange Commission (the SEC).
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 applicable securities laws.
For Investor Relations enquiries contact:Ryan HamiltonTel: +1
(604) 609-6442
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