By Devika Patel
Knoxville, Tenn., April 6 - Teekay Tankers Ltd. released the details of a $32 million private placement of stock with Teekay Corp. The deal was announced Monday along with a $94.33 million public offering of 7.7 million common shares.
In the placement, Teekay Tanker will sell 2,612,244 class A common shares at $12.25 per share.
Teekay Tankers is buying three oil tankers from Teekay for approximately $168.7 million. In addition to the private placement, Teekay Tankers will use proceeds from the public stock offering and borrowings under its revolving credit facility to fund the acquisition.
Based in Hamilton, Bermuda, Teekay Tankers transports crude oil.
| Issuer: | Teekay Tankers Ltd.
|
| Issue: | Class A common stock
|
| Amount: | $32 million
|
| Shares: | 2,612,244
|
| Price: | $12.25
|
| Warrants: | No
|
| Investor: | Teekay Corp.
|
| Announcement date: | April 5
|
| Pricing date: | April 6
|
| Stock symbol: | NYSE: TNK
|
| Stock price: | $13.04 at close April 5
|
| Market capitalization: | $390 million
|
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