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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Saturday, April 18, 7:33 PM

Slide #2. Teekay Offshore Partners L.P. Preferred Stock Offering

Company: Teekay Offshore Partners L.P. (NYSE:TOO)
Date announced: 4/13/2015
Shares Offered: 5,000,000
Date of Pricing: 4/13/2015
Price Per Share: $25
Preferred Stock Offering Details: Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it plans to offer Series B Cumulative Redeemable Preferred Units (Series B Preferred Units), representing limited partner interests, in a public offering. Teekay Offshore expects to grant the underwriters a 30-day option to purchase additional Series B Preferred Units. The Partnership intends 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 has offered or may offer to us, which may include funding our acquisition of the Petrojarl Knarr FPSO unit from Teekay Corporation. - updated 4/14 - Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it has priced its public offering of 5,000,000 of its 8.5% Series B Cumulative Redeemable Preferred Units (Series B Preferred Units), representing limited partner interests, at $25.00 per unit. Distributions will be payable on the Series B Preferred Units at an initial rate of 8.5% per annum of the stated liquidation preference of $25.00. The offering is expected to close on April 20, 2015. Teekay Offshore has granted the underwriters a 30-day option to purchase up to an additional 750,000 Series B Preferred Units.

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.

Preferred: TOO.PRA

Open the TOO Page at Preferred Stock Channel »

Name:  Teekay Offshore Partners L.P.
Sector:  Oil & Gas Equipment & Services
Number of ETFs Holding TOO:  6 (see which ones)
Total Market Value Held by ETFs:  $78,331,114
Total Market Capitalization:  $2,087,000,000
% of Market Cap. Held by ETFs:  3.75%

Open the TOO Page at Preferred Stock Channel (in a new window) »

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