Teekay Offshore Partners selling cumulative redeemable preferred units

By Stephanie N. Rotondo

Phoenix, April 13 – Teekay Offshore Partners LP plans to price series B cumulative redeemable preferred units, according to a prospectus filed with the Securities and Exchange Commission on Monday.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers. Credit Agricole CIB, Santander and Societe Generale are the co-managers.

Distributions will be made on a quarterly basis. Come April 2020, the units become redeemable at par plus accrued distributions.

The Hamilton, Bermuda-based oil transportation company intends to list the units on the New York Stock Exchange under the ticker symbol “TOOPB.”

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 offered or may offer to sell, which may include funding the acquisition of the Petrojarl Knarr FPSO unit.

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