Teekay Offshore starts roadshow for $500 million five-year notes

By Paul A. Harris

Portland, Ore., June 13 – Teekay Offshore Partners LP and Teekay Offshore Finance Corp. started an international roadshow on Wednesday in Bergen, Norway, for a $500 million offering of five-year senior notes (Caa2/expected B/confirmed B), according to a syndicate source.

The roadshow travels to Stockholm on Thursday.

The roadshow moves to London on Friday, to New York on Monday, then New York and New Jersey on Tuesday.

The roadshow travels to Boston on June 20, then moves to the West Coast of the United States on June 21 and June 22.

The deal is also being marketed by means of investor conference calls set for the Nordic region on Thursday, London on Friday and New York on Monday.

The Rule 144A and Regulation S for life offering is set to price during the June 18 week.

Citigroup Global Markets Inc., DNB Markets, Credit Suisse Securities (USA) LLC and Credit Agricole CIB are the joint bookrunners.

ABN Amro, BNP Paribas, ING, NIBC and Nordea are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points for the first two years, then become callable at a premium. They also feature a 101% poison put.

The Hamilton, Bermuda-based provider of transportation and services to the offshore oil industry plans to use the proceeds to fund the tender offer for its 6% senior notes due 2019.

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