PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, March 31, 1:59 AM
| This Slide: #371 of 609 |
Slide #371. Teekay Offshore Partners L.P. — Preferred Stock Offering
Company:
Teekay Offshore Partners L.P. (TOO)
Date announced:
4/13/2015
Shares Offered:
5,000,000
Date of Pricing:
4/13/2015
Price Per Share:
$25
Preferred Stock Offering Details:
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it plans to offer Series B Cumulative Redeemable Preferred Units (Series B Preferred Units), representing limited partner interests, in a public offering. Teekay Offshore expects to grant the underwriters a 30-day option to purchase additional Series B Preferred Units. The Partnership intends to use the net proceeds from the public offering for general partnership purposes, including the funding of newbuilding installments, capital conversion projects and the acquisitions of vessels that Teekay Corporation has offered or may offer to us, which may include funding our acquisition of the Petrojarl Knarr FPSO unit from Teekay Corporation. - updated 4/14 - Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it has priced its public offering of 5,000,000 of its 8.5% Series B Cumulative Redeemable Preferred Units (Series B Preferred Units), representing limited partner interests, at $25.00 per unit. Distributions will be payable on the Series B Preferred Units at an initial rate of 8.5% per annum of the stated liquidation preference of $25.00. The offering is expected to close on April 20, 2015. Teekay Offshore has granted the underwriters a 30-day option to purchase up to an additional 750,000 Series B Preferred Units.
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: TOO.PRA, TOO.PRB, TOO.PRE
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Avg. Broker Rec.
 
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Hold (2.00 out of 4) 0th percentile
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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