Teekay to pay down revolver with some proceeds of note offering

By Wendy Van Sickle

Columbus, Ohio, Nov. 6 – Teekay Corp. will partially repay its outstanding debt under its $500 million revolving credit facility with some proceeds of a $200 million offering of an add-on of 8½% senior notes due 2020, according to a press release.

The company will also use some proceeds to replenish cash reserves used to repay the outstanding principal balance of its Norwegian krone-denominated bonds that matured in October.

Teekay is a Hamilton, Bermuda-based marine midstream project developer.

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