Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 20, 4:54 AM
This Slide: #211 of 620 |
Slide #211. Teekay Offshore Partners L.P. — Preferred Stock Offering
Company:
Teekay Offshore Partners L.P. (TOO)
Date announced:
1/16/2018
Shares Offered:
4,600,000
Date of Pricing:
1/16/2018
Price Per Share:
$25.00
Preferred Stock Offering Details:
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it plans to offer in a public offering Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Series E Preferred Units), representing limited partner interests in the Partnership. Teekay Offshore expects to grant the underwriters for the offering a 30-day option to purchase additional Series E Preferred Units. The Partnership expects to use the net proceeds from the public offering for general partnership purposes, which may include funding installment payments on newbuildings and conversion projects and debt repayments. -updated 1/16- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it has priced its public offering of 4,600,000 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Series E Preferred Units), representing limited partner interests, at $25.00 per unit. Distributions will be payable on the Series E Preferred Units (i) from and including the original issue date to, but excluding February 15, 2025 at a fixed rate equal to 8.875% per annum of the stated liquidation preference of $25.00 per unit and (ii) from and including February 15, 2025, at a floating rate equal to three-month LIBOR plus a spread of 640.7 basis points. The offering is expected to close on January 23, 2018. Teekay Offshore has granted the underwriters a 30-day option to purchase up to an additional 690,000 Series E Preferred Units. The Partnership expects to use the net proceeds from the public offering for general partnership purposes, which may include funding installment payments on newbuildings and conversion projects and debt repayments.
Teekay Offshore Partners is an international midstream services provider of marine transportation, oil production, storage, long-distance towage and offshore installation and maintenance and safety services to the offshore oil industry focusing on the deep-water offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Co. is is engaged in the international marine transportation of crude oil, the offshore processing and storage of crude oil, long-distance ocean towage and offshore installation services, and maintenance and safety services through the operation of its shuttle and conventional tankers, FSO units, FPSO units, towage and offshore installation vessels and UMS.
Preferreds: ALIN.PRA, ALIN.PRB, ALIN.PRE
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Hold (2.00 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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