* Offering priced at $12.25/shr
* Increases size of offering to 7.7 mln shares
* Shares fall 7 pct
April 6 Teekay Tankers Ltd (TNK.N) said its
offering of class A common shares was priced at $12.25 each, a
6 percent discount to the stock's Monday close, sending its
shares down 7 percent.
The company increased the size of the offering by 10
percent to 7.7 million shares.
The tanker shipping company granted its underwriters a
30-day option to buy up to 1.2 million shares to cover any over
The company plans to use proceeds from the offering to
part-finance the purchase of three tankers for $168.7 million.
Shares of the company were trading down at $12.18 Tuesday
morning on the New York Stock Exchange.
(Reporting by Krishna N. Das in Bangalore; Editing by Anne