Teekay Offshore Offers Units to Finance FSO Purchase

Teekay Offshore Partners announced that it plans to offer 4,400,000 common units, representing limited partner interests, in a public offering. Teekay Offshore expects to grant the underwriters a 30-day option to purchase an additional 660,000 common units to cover over-allotments, if any. The Partnership expects to use a portion of the net proceeds from the public offering to repay the approximately $60 million of outstanding debt under its unsecured subordinated debt facility with Teekay Corporation, and expects to use the remaining net proceeds, together with cash on hand, to finance the purchase of a floating storage and offtake (FSO) unit, the Falcon Spirit.

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