Teekay Offshore GP L.L.C. , the general partner of Teekay Offshore Partners L.P., announced that it intends to issue approximately 2.06 million common units in a private placement to an institutional investor for proceeds of approximately $60 million (excluding its general partner’s proportionate capital contribution).
The Partnership intends to use the proceeds from the sale of common units to partially fund its previously announced acquisition of four newbuilding shuttle tankers that are scheduled for deliveries throughout 2013, and for general partnership purposes. The transaction is expected to be completed by Friday, April 19, 2013 .
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Press Release, April 17, 2013