Deal funds general partnership purposes, vessel conversion projects
By Devika Patel
Knoxville, Tenn., Dec. 23 - Teekay Offshore Partners LP said it will raise about $53.4 million in net proceeds through a private placement of common units, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on Dec. 19.
The company will sell 1.75 million common units.
Proceeds will be used for general partnership purposes, which may include vessel conversion projects and future vessel acquisitions.
Teekay Offshore is a Hamilton, Bermuda-based provider of marine transportation and storage services to the offshore oil industry.
| Issuer: | Teekay Offshore Partners LP
|
| Issue: | Common units
|
| Amount: | $53.4 million (approximate net proceeds)
|
| Units: | 1.75 million
|
| Warrants: | No
|
| Pricing date: | Dec. 19
|
| Stock symbol: | NYSE: TOO
|
| Stock price: | $30.60 at close Dec. 18
|
| Market capitalization: | $2.7 billion
|
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