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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Thursday, February 1, 8:52 AM

Slide #5. Teekay Offshore Partners L.P. Preferred Stock Offering

Company: Teekay Offshore Partners L.P. (NYSE:TOO)
Date announced: 1/16/2018
Shares Offered: 4,600,000
Date of Pricing: 1/16/2018
Price Per Share: $25.00
Preferred Stock Offering Details: Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it plans to offer in a public offering Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Series E Preferred Units), representing limited partner interests in the Partnership. Teekay Offshore expects to grant the underwriters for the offering a 30-day option to purchase additional Series E Preferred Units. The Partnership expects to use the net proceeds from the public offering for general partnership purposes, which may include funding installment payments on newbuildings and conversion projects and debt repayments. -updated 1/16- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it has priced its public offering of 4,600,000 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Series E Preferred Units), representing limited partner interests, at $25.00 per unit. Distributions will be payable on the Series E Preferred Units (i) from and including the original issue date to, but excluding February 15, 2025 at a fixed rate equal to 8.875% per annum of the stated liquidation preference of $25.00 per unit and (ii) from and including February 15, 2025, at a floating rate equal to three-month LIBOR plus a spread of 640.7 basis points. The offering is expected to close on January 23, 2018. Teekay Offshore has granted the underwriters a 30-day option to purchase up to an additional 690,000 Series E Preferred Units. The Partnership expects to use the net proceeds from the public offering for general partnership purposes, which may include funding installment payments on newbuildings and conversion projects and debt repayments.

Teekay Offshore Partners is an international provider of marine transportation, oil production, storage, towage and floating accommodation services to the offshore oil industry. Co.'s fleet consisted of shuttle tankers, storage and offloading ("FPSO") units, floating storage and off-take ("FSO") units, conventional tankers, towage vessels and floating accommodation units. As of Dec. 31 2014, Co.'s fleet consists of 34 shuttle tankers, seven FPSO units, six FSO units, and four conventional oil tankers. In addition, Co.'s fleet includes six modern on-the-water towing and anchor handling vessels and four long-haul towing and anchor handling vessel newbuildings.

Preferreds: TOO.PRA, TOO.PRB


Open the TOO Page at Ru Back Packer »

Name: Teekay Offshore Partners LP
Website: teekayoffshore.com
Sector: Oil & Gas Equipment & Services
Number of ETFs Holding TOO: 5 (see which ones)
Total Market Value Held by ETFs: $7,006,629
Total Market Capitalization: $226,000,000
% of Market Cap. Held by ETFs: 3.10%

Open the TOO Page at Ru Back Packer (in a new window) »

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