Teekay Offshore Partners LP | 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (TOO.PRE)
Prospectus excerpt: We are offering 4,600,000 of our 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per unit (or the Series E Preferred Units). Distributions on the Series E 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 E Preferred Units offered hereby will be payable on May 15, 2018 in an amount equal to $0.69028 per unit. Distributions will be payable out of amounts legally available for distributions (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 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.
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.