Teekay Offshore Partners Announces Pricing of Series A Preferred Offering
(Thomson Reuters ONE) -
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(at)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 ONE
[HUG#1695424]
Unternehmensinformation / Kurzprofil:
Datum: 23.04.2013 - 16:06 Uhr
Sprache: Deutsch
News-ID 252058
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