Teekay Offshore Offers New Bonds & Repurchase of Bonds

Source: www.gulfoilandgas.com 8/2/2017, Location: Europe

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) announces that its 100 percent-owned subsidiary, Teekay Shuttle Tankers LLC (Teekay Shuttle Tankers), has successfully completed an offering of USD 250 million of new senior unsecured bonds in the Norwegian bond market. The new bonds will have a coupon of 7.125 percent and mature in August 2022.

Teekay Shuttle Tankers was recently established to own the Partnership’s existing and future shuttle tanker business.

In connection with the bond issuance, and Teekay Shuttle Tankers’ acquisition of the shuttle tanker business from the Partnership, Teekay Offshore will repurchase approximately NOK 199 million of its TOP02 bonds (ISIN NO 0010635329) maturing in November 2018 at a price of 101 percent of par value and approximately NOK 512 million of its TOP04 bonds (ISIN NO 0010670128) maturing in December 2018 at a price of 101 percent of par value.

On or around the date of disbursement of the funds from the new bond issuance, the Partnership intends to call all remaining outstanding TOP02 and TOP04 bonds at the time prevailing call premium. The new bond issuance, repurchase and discharge of TOP02 and TOP04 bonds are contingent on certain conditions precedent including those related to the previously announced strategic partnership with Brookfield Business Partners LP and its institutional partners (Brookfield).

DNB Markets acted as Global Coordinator and Danske Bank, Nordea and Swedbank as Joint Lead Managers of the new bond issuance.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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