Teekay Offshore Contemplates Norwegian Bond Issuance
HAMILTON, BERMUDA--(Marketwire - January 10, 2013) - Teekay Offshore Partners
L.P. (Teekay Offshore or the Partnership) (NYSE: TOO) announced that it intends
to issue minimum NOK800 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 USD140 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.
Teekay Offshore will apply for listing of the new bonds on the Oslo Stock
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 U.S. 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 U.S. Securities and Exchange Commission as a U.S. registered
broker-dealer and will not participate in the offer or sale of the bonds within
the United States.
This press release is neither an offer to sell nor a solicitation of an offer to
buy any of the bonds or any other security of Teekay Offshore. The bonds have
not been and will not be registered under the Securities Act or any state
securities laws. Unless so registered, the bonds may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities laws.
The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements, which include
statements involving the contemplated bond offering, involve risks and
uncertainties that could cause the outcome to be materially different. These
risks and uncertainties include, but are not limited to, the possibility that
the bond issuance may not be completed in the aggregate principal amount
contemplated, or at all, and those discussed in Teekay Offshore's public filings
with the U.S. Securities and Exchange Commission. Teekay Offshore undertakes no
obligation to revise or update any forward looking statements, unless required
to do so under the securities laws.
About Teekay Offshore
Teekay Offshore Partners L.P. is an international provider of marine
transportation, oil production and storage services to the offshore oil industry
focusing on the fast-growing, deepwater offshore oil regions of the North Sea
and Brazil. Teekay Offshore owns interests in 37 shuttle tankers (including four
chartered-in vessels and four committed newbuildings), five floating storage and
offtake (FSO) units, 6 conventional oil tankers, and three floating production,
storage and offloading (FPSO) units. Teekay Offshore also has rights to
participate in certain other FPSO and shuttle tanker opportunities provided by
Teekay Corporation (NYSE: TK) and Sevan Marine ASA (Oslo Bors: SEVAN). The
Partnership has recently accepted an offer from Teekay Corporation to acquire
the Voyageur Spirit FPSO. The majority of Teekay Offshore's fleet trades on
long-term, stable contracts and it is structured as a publicly-traded master
limited partnership (MLP).
Teekay Offshore Partners' common units trade on the New York Stock Exchange
under the symbol "TOO".
Teekay Offshore Partners L.P.
Investor Relations Enquiries
+ 1 (604) 609-6442
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Source: Teekay Offshore Partners L.P. via Thomson Reuters ONE