Teekay Offshore Partners LP | 8.50% Series B Cumulative Redeemable Preferred Units (TOO.PRB)
Prospectus excerpt: Distributions on the Series B Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of February, May, August and November of each year, when, as and if declared by the board of directors of our general partner. The initial distribution on the Series B Preferred Units offered hereby will be payable on August 15, 2015 in an amount equal to $0.6788 per unit. Distributions will be payable out of amounts legally available therefor at an initial rate equal to 8.50% per annum of the stated liquidation preference.
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.