Teekay Offshore Partners L.P.

NYSE : TOO


Teekay Offshore Partners L.P.

January 14, 2014 10:09 ET

Teekay Offshore Completes Norwegian Bond Issuance

HAMILTON, BERMUDA--(Marketwired - Jan. 14, 2014) - Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announces that it has issued NOK 1,000 million in senior unsecured bonds, maturing in January 2019, in the Norwegian bond market. The aggregate principal amount of the bonds is equivalent to approximately 165 million U.S. dollars (USD). The bond offering was significantly oversubscribed. The proceeds of the bonds are expected to be used for general partnership purposes. Teekay Offshore will apply for listing of the bonds on the Oslo Stock Exchange.

DNB Markets, Nordea Markets and Swedbank Norway acted as Joint Lead Managers of the bond issuance.

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 U.S. Securities Act of 1933 (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 involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, but are not limited to, 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".

Contact Information

  • For Investor Relations enquiries contact:
    Teekay Offshore Partners L.P.
    Ryan Hamilton
    + 1 (604) 609-2963
    www.teekayoffshore.com