Teekay offshore partners announces pricing of follow - on offering

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jul 2009

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) announced yesterday that it has priced its follow-on public offering of 6,500,000 common units, representing limited partner interests, at $14.32 per unit. Teekay Offshore has granted the underwriters a 30-day option to purchase up to an
additional 975,000 units to cover over-allotments, if any.
The Partnership expects to use the net proceeds from the public offering to repay amounts outstanding on one of its
revolving credit facilities.
Teekay Offshore Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE:
TK), and is an international provider of marine transportation and storage services to the offshore oil industry. Teekay
Offshore currently owns a 51% interest in and controls Teekay Offshore Operating L.P., which has a fleet of 33 shuttle
tankers (eight of which are chartered-in), four floating storage and offtake (FSO) units and eleven conventional crude oil
Aframax tankers. The Partnership also has direct ownership interests in two shuttle tankers and one FSO.
Teekay Offshore’s common units trade on the New York Stock Exchange under the symbol “TOO.”
The offering is expected to close on August 4, 2009.
The joint book running managers for this offering are Citi, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo
Securities. The co-managers are Raymond James and DnB NOR Markets.

Source: Teekay Offshore Partners L.P