Teekay Corporation Announces Proposed Convertible Senior Notes Offering
January 23 2018 - 4:03PM
Teekay Corporation (Teekay or the Company) (NYSE:TK) today
announced that it has commenced an offering to sell, subject to
market and other conditions, $100 million aggregate principal
amount of convertible senior notes due 2023 (the Convertible Notes)
(or up to $115 million convertible senior notes if the initial
purchasers exercise in full their option to purchase additional
Convertible Notes) in a private offering to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended (the Securities Act).
The Convertible Notes will be the general senior
unsecured obligations of Teekay and will accrue interest payable
semi-annually in arrears. The Convertible Notes will be
convertible into Teekay’s common stock. The Convertible Notes
(including the shares of Teekay’s common stock into which the
Convertible Notes are convertible) have not been registered under
the Securities Act, or the securities laws of any other
jurisdiction, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.
The Company also announced today by separate
press release that it has commenced a registered public offering
pursuant to an effective shelf registration statement of 10 million
shares of its common stock. The Company intends to grant the
underwriters in that offering a 30-day option to purchase up to an
additional 1.5 million shares of common stock. Nothing contained
herein shall constitute an offer to sell or the solicitation of an
offer to buy the common stock.
The Company expects to use the net proceeds from
the offerings for general corporate purposes, which may include,
among other things, repaying a portion of its outstanding
indebtedness and funding working capital.
This press release is being issued pursuant to
Rule 135c under the Securities Act, and does not constitute an
offer to sell, or the solicitation of an offer to buy, these
securities (including the shares of Teekay’s common stock into
which the Convertible Notes are convertible), nor will there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale is not permitted. Any offers of the
Convertible Notes will be made only to qualified institutional
buyers in reliance on Rule 144A under the Securities Act by means
of a private offering memorandum.
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’s public filings with the SEC. Teekay undertakes no
obligation to revise or update any forward looking statements,
unless required to do so under the securities laws.
About Teekay
Teekay Corporation operates in the marine
midstream space through its ownership of the general partner and a
portion of the outstanding limited partner interests in Teekay LNG
Partners L.P. (NYSE:TGP) and an interest in the general partner and
a portion of the outstanding limited partner interests in Teekay
Offshore Partners L.P. (NYSE:TOO). In addition, Teekay has a
controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK)
and directly owns a fleet of vessels. The combined Teekay entities
manage and operate approximately 210 liquefied gas, offshore, and
conventional tanker assets.
Teekay’s common stock is listed on the New York
Stock Exchange where it trades under the symbol “TK”.
For Investor Relations
enquiries contact:
Ryan HamiltonTel: +1 (604) 609-2963
Teekay Offshore Partners (NYSE:TOO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Teekay Offshore Partners (NYSE:TOO)
Historical Stock Chart
From Oct 2023 to Oct 2024