Teekay Offshore Partners to offer senior notes due 2019

By Marisa Wong

Madison, Wis., May 20 - Teekay Offshore Partners LP announced it plans to offer senior notes due 2019.

Sterne, Agee & Leach, Inc. and DNB Markets, Inc. are the joint bookrunners with ABN Amro, Raymond James and Scotiabank as co-managers.

Proceeds from the public offering will be used for general partnership purposes, including funding new building installments, capital conversion projects and future acquisitions of vessels from Teekay Corp. or third parties. Pending the application of funds for these purposes, the partnership expects to repay a portion of outstanding debt under some of its credit facilities.

The company said it intends to apply to have the notes listed on the New York Stock Exchange.

Teekay is a Hamilton, Bermuda-based provider of marine transportation, oil production and storage services to the offshore oil industry.

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