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| Home : Teekay Offshore Partners Announces Public Offering of Series A Preferred Units |
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Apr 22
2013 |
Teekay Offshore Partners Announces Public Offering of Series A Preferred Units |
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HAMILTON, BERMUDA--(Marketwired - April 22, 2013) - Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today 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. |
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| Source:http://www.marketwire.com/mw/release.do?id=1781242&sourceType=3 |
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