Key Developments: Teekay Offshore Partners LP (TOO)
32.77USD
17 May 2013
$0.13 (+0.40%)
$32.64
$32.85
$33.45
$32.62
226,953
231,578
$33.45
$24.55
Latest Key Developments (Source: Significant Developments)
Teekay Offshore Partners LP Announces Pricing of Series A Preferred Offering
Teekay Offshore Partners LP announced that it has priced its public offering of 6,000,000 7.25% Series A Cumulative Redeemable Preferred Units (Series A Preferred Units), representing limited partner interests, at USD 25.00 per unit. Distributions will be payable on the Series A Preferred Units at an initial rate of 7.25% per annum of the stated liquidation preference of USD 25.00. The offering is expected to close on April 30, 2013. The Partnership expects to use the net proceeds from the public offering for general partnership purposes. Pending the application of funds for these purposes, the Partnership expects to repay a portion of its outstanding debt under two of its revolving credit facilities. Teekay Offshore intends to apply to have the Series A Preferred Units listed on the New York Stock Exchange. The joint book-running managers for this offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC. The joint lead managers for this offering are Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC. The co-managers for this offering are DNB Markets, Inc., Scotia Capital (USA) Inc. and Santander Investment Securities Inc. Full Article
Teekay Offshore Partners LP Announces Public Offering Of Series A Preferred Units
Teekay Offshore Partners LP announced that it plans to offer Series A Cumulative Redeemable Preferred Units (Series A 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 A Preferred Units to solely cover over-allotments, if any. The Partnership expects 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 may offer to the Partnership. Pending the application of funds for these purposes, the Partnership expects to repay a portion of its outstanding debt under two of its revolving credit facilities. Teekay Offshore intends to apply to have the Series A Preferred Units listed on the New York Stock Exchange. The joint book-running managers for this offering are BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank. Full Article
Teekay Offshore Partners LP Announces Distribution Increase
Teekay Offshore Partners LP announced that the Board of Directors of general partner, Teekay Offshore GP LLC, has approved an increase to the Partnership's first quarter of 2013 cash distribution to be paid on May 14, 2013, to all unit holders of record on April 30, 2013. Teekay Offshore will increase first quarter distribution by $0.0128 per unit, or approximately 2.5%, to $0.5253 per unit, and management intends to recommend to the Board of Directors an additional distribution increase of a minimum of 2.5% later this year. Full Article
Teekay Offshore Partners LP Announces $60 Million Equity Private Placement
Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership), announced that it intends to issue approximately 2.06 million common units in a private placement to an institutional investor for proceeds of approximately $60 million (excluding its general partner's proportionate capital contribution). The Partnership intends to use the proceeds from the sale of common units to partially fund its previously announced acquisition of four newbuilding shuttle tankers that are scheduled for deliveries throughout 2013, and for general partnership purposes. The transaction is expected to be completed by April 19, 2013. Full Article
Teekay Offshore Partners LP Updates Distribution Record Date
Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners LP, announced a revised record date for its previously declared cash distribution of $0.5125 per unit for the quarter ended December 31, 2012. The cash distribution is payable on February 14, 2013 (unchanged) to all unitholders of record on February 4, 2013. This record date supersedes the previously announced record date of February 1, 2013 for the distribution for the quarter ended December 31, 2012. Full Article
Teekay Offshore Partners LP Declares Cash Distribution
Teekay Offshore Partners LP announced that Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners LP (Teekay Offshore or the Partnership), has declared a cash distribution of USD 0.5125 per unit for the quarter ended December 31, 2012. The cash distribution is payable on February 14, 2013 to all unitholders of record on February 1, 2013. For the previous quarter, the Company also declared cash distribution of USD 0.5125. Full Article
Teekay Offshore Partners LP Provides Additional Details on Bond Issue
Teekay Offshore Partners LP (Teekay Offshore) announced that in connection with the recently completed NOK 1,300 million bond issuance in the Norwegian bond market, the Partnership repurchased NOK 388.5 million of the existing NOK 600 million Teekay Offshore bond issue TOP01 (ISIN: NO 001 059142.3) maturing November 29, 2013 at a price of 102.50% of the principal amount of the repurchased bonds. DNB Markets, Nordea Markets and Swedbank First Securities acted as Joint Lead Managers of the bond issuance and agents for the above mentioned repurchases. Full Article
Teekay Offshore Partners LP Completes Norwegian Bond Issuance
Teekay Offshore Partners LP announced that it has issued NOK 1,300 million in senior unsecured bonds that mature in January 2016 (NOK 500 million) and January 2018 (NOK 800 million) in the Norwegian bond market. The aggregate principal amount of the bonds is equivalent to approximately USD 235 million and all payments under each of the two tranches will be swapped into a US dollar fixed-rate coupon. The bond proceeds, which will be available to the Partnership upon settlement in late January 2013, will be used to repay a portion of amounts outstanding under the Partnership's revolving credit facilities and for general partnership purposes. Teekay Offshore will apply for listing of the new bonds on the Oslo Stock Exchange. DNB Markets, Nordea Markets and Swedbank First Securities acted as Joint Lead Managers of the bond issuance. Full Article
Teekay Offshore Partners LP Contemplates Bond Issue
Teekay Offshore Partners LP announced that it intends to issue minimum NOK 800 million in new senior unsecured bonds in the Norwegian bond market, split between two tranches that will mature in January 2016 and January 2018, respectively. At current conversion rates, the aggregate minimum principal amount is equivalent to approximately USD 140 million. The proceeds of the bonds will be used to repay a portion of amounts outstanding under the Partnership's revolving credit facilities and for general partnership purposes. The Company will apply for listing of the new bonds on the Oslo Stock Exchange. A portion of the bonds may be offered in the United States to qualified institutional investors (or QIBs) as defined in Rule 144A of the United States Securities Act of 1933 (the Securities Act) concurrently with bonds offered outside of the United States pursuant to Regulation S of the Securities Act. DNB Markets, Nordea Markets and Swedbank First Securities have been appointed as Joint Lead Managers of the contemplated bond issuance. Nordea Markets is not registered with the United States Securities and Exchange Commission as a United States registered broker-dealer and will not participate in the offer or sale of the bonds within the United States. Full Article
Teekay Offshore Partners LP Acquires HiLoad Dynamic Positioning Unit from Remora AS; Teekay Offshore Partners LP to Invest in Remora AS Equity
Teekay Offshore Partners LP announced that it has entered into an agreement to acquire a 2010-built HiLoad Dynamic Positioning (DP) unit from Remora AS (Remora), a Norway-based offshore marine technology company, for a total purchase price of approximately USD 55 million. The HiLoad DP unit is a self-propelled dynamic positioning system that attaches to and keeps conventional tankers in position when loading from offshore installations. Under the terms of the agreement, Teekay Offshore will acquire the HiLoad DP unit from Remora; complete modifications required for the HiLoad DP unit to service a new long-term time-charter contract; and enter into an omnibus agreement which provides the right of first refusal to acquire future HiLoad DP projects developed by Remora. As part of the transaction, Teekay Corporation has also agreed to invest approximately USD 4.4 million to acquire a 49.9% fully diluted ownership interest in a recapitalized Remora. All elements of the transaction remain subject to finalizing a 10-year time-charter contract with Petroleo Brasileiro SA (Petrobras) in Brazil. The acquisition of the HiLoad DP unit and investment in Remora equity are both expected to close in December 2012. The acquired HiLoad DP unit is expected to commence operating at its full time-charter hire rate in December 2013 once modifications, delivery of the HiLoad DP unit to offshore Brazil and operational testing have been completed. Full Article
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