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7 years ago
UPDATE 1-Teekay Tankers stock sale priced at discount, shrs fall
April 6, 2010 / 1:43 PM / 7 years ago

UPDATE 1-Teekay Tankers stock sale priced at discount, shrs fall

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* Offering priced at $12.25/shr

* Increases size of offering to 7.7 mln shares

* Shares fall 7 pct

April 6 (Reuters) - 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 allotments.

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 Pallivathuckal)

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