New York, Aug. 2 – Teekay Offshore Partners LP said that its Teekay Shuttle Tankers LLC subsidiary priced an offering of $250 million of 7 1/8% senior bonds due 2022 in the Norwegian bond market.
DNB Markets was global coordinator, and Danske Bank, Nordea and Swedbank were joint lead managers.
Teekay Shuttle Tankers was recently created to own Teekay Offshore’s shuttle tanker business.
The bond offering is part of a series of transactions including a strategic partnership with Brookfield Business Partners LP to refinance and restructure Teekay Offshore.
Alongside the new bonds, Teekay Shuttle will acquire the shuttle tanker business from Teekay Offshore and Teekay Offshore will buy back NOK 199 million of its TOP02 bonds due November 2018 and NOK 512 million of its TOP04 bonds due December 2018, both at 101% of par.
The remaining TOP02 and TOP04 bonds will be called on the settlement date of the new bonds.
Teekay Offshore is a Hamilton, Bermuda provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry.
| Issuer: | Teekay Shuttle Tankers LLC
|
| Issue: | Senior bonds
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| Amount: | $250 million
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| Maturity: | August 2022
|
| Global coordinator: | DNB Markets
|
| Lead managers: | Danske Bank, Nordea and Swedbank
|
| Coupon: | 7 1/8%
|
| Pricing date: | Aug. 1
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