Teekay Offshore's 7.25% preferreds admitted to begin trading on NYSE

By Tali David

Minneapolis, May 2 - Teekay Offshore Partners, LP's 7.25% series A cumulative redeemable preferred units have been admitted to trading on the New York Stock Exchange, according to a notice.

The preferreds trade under the symbol "TOO PR A."

The company priced $150 million of the preferreds on April 23.

As previously reported, BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers.

Proceeds will be used for general partnership purposes, including the funding of newbuilding installments, capital conversion projects and the acquisitions of vessels that Teekay Corp. has or might offer. Pending approval for such uses, the company may use the funds to pay down a portion of its revolving credit facilities.

The Hamilton, Bermuda-based company provides marine transportation, oil production and storage services to the offshore oil industry, focusing on the fast-growing, deep water offshore oil regions of the North Sea and Brazil.

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