April 5, 2010
HAMILTON, BERMUDA–(Marketwire – April 5, 2010) – Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) announced today that it plans to offer 7,000,000 shares of Class A common stock of the Company in a public offering. Teekay Tankers expects to grant the underwriters a 30-day option to purchase an additional 1,050,000 shares of Class A common stock to cover any over-allotments. The Company expects to use the net offering proceeds – together with a concurrent issuance to Teekay Corporation (NYSE:TK) of unregistered shares of Class A common stock with an aggregate value of approximately $32.0 million (valued on a per-share basis at the same price the Company sells shares to the public in the offering) and borrowings under the Company’s revolving credit facility for the balance – to acquire three oil tankers (the Vessels) from Teekay Corporation for aggregate consideration of approximately $168.7 million. The Company plans to acquire the following Vessels:
- the 2004-built Suezmax tanker, the Kaveri Spirit, a Suezmax tanker currently participating in a Suezmax tanker pool;
- the 2002-built Suezmax tanker, the Yamuna Spirit, a Suezmax tanker currently operating under a fixed-rate, time-charter contract that is scheduled to expire in May 2012 and includes a profit share component; and
- the 2005-built Aframax tanker, the Helga Spirit, an Aframax tanker currently operating under a fixed-rate, time-charter contract that is scheduled to expire in October 2010.