January 13, 2014
HAMILTON, BERMUDA–(Marketwired – Jan. 13, 2013) – Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced that it intends to issue minimum NOK 700 million in new senior unsecured bonds in the Norwegian bond market that mature in January 2019 which, at current conversion rates, have an aggregate minimum principal amount equivalent to approximately USD 115 million. The proceeds of the bonds will be used for general partnership purposes. Teekay Offshore will apply for listing of the new bonds on the Oslo Stock Exchange.
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 Norway 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 is structured as a publicly-traded master limited partnership (MLP) and owns interests in 34 shuttle tankers (including two chartered-in vessels), five floating production, storage and offloading (FPSO) units, six floating storage and offtake (FSO) units (including one committed FSO conversion unit), four conventional oil tankers and one HiLoad Dynamic Positioning (DP) unit. The majority of Teekay Offshore’s fleet is employed on long-term, stable contracts. In addition, Teekay Offshore also has rights to participate in certain other FPSO, shuttle tanker and HiLoad DP opportunities provided by Teekay Corporation (NYSE: TK), Sevan Marine ASA (Oslo Bors: SEVAN) and Remora AS.
Teekay Offshore Partners’ common units trade on the New York Stock Exchange under the symbol “TOO”.