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From: m4e (Rep: 139)Date: 06/29/2016 16:19
Forum: Teekay Corp - Msg #215Thread #673850581 (Rec: 0)
Teekay Corporation Announces Completion of Financing Initiatives

HAMILTON, BERMUDA--(Marketwired - June 29, 2016) - Teekay Corporation (Teekay) (NYSE:TK) and Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that they have completed and closed their previously announced financing initiatives.

"I am pleased to announce the completion of Teekay's financing initiatives, which include $350 million in bank financings and $100 million in equity capital," commented Peter Evensen, Teekay Corporation's President and Chief Executive Officer. "With the completion of these initiatives, we have significantly reduced our financial leverage and enhanced our liquidity position, which we believe strengthens the entire Teekay Group of companies. In addition, this week we reached an agreement to sell Teekay's remaining conventional tanker, the Shoshone Spirit VLCC, which is expected to further reduce our financial leverage."

Mr. Evensen continued, "Teekay Offshore has also completed its financing initiatives, which include $400 million in bank financings, $200 million of equity capital, and the deferral of certain bond maturities. These financing initiatives, together with cash flow from operations and previously secured debt facilities, are expected to cover all of its medium-term liquidity requirements and fully finance Teekay Offshore's $1.6 billion of committed growth projects scheduled to deliver through 2018."

Mr. Evensen added, "While not part of these financing initiatives, Teekay LNG Partners has continued to make progress in securing the required financing for its committed growth projects which deliver through 2020 and anticipates completing the majority of these financings by the end of the year."

ABN AMRO, Citigroup, Credit Suisse, DNB Bank ASA, ING Capital LLC, Nordea, and Swedbank acted as lead banks for Teekay's and Teekay Offshore's bank financing initiatives.

DNB Markets and RBC Capital Markets acted as lead placement agents for Teekay's $100 million equity initiative and Credit Suisse also acted as placement agent.

About Teekay

Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). The general partners own all of the outstanding incentive distribution rights of these entities. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of approximately $13 billion, comprised of approximately 210 liquefied gas, offshore, and conventional tanker assets. With offices in 15 countries and approximately 7,700 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies.

Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK".

About Teekay Offshore

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry, primarily focusing on oil production-related activities of its customers and operating in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $6 billion, comprised of 65 offshore assets, including shuttle tankers, floating production, storage and offloading (FPSO) units, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts.

Teekay Offshore's common units trade on the New York Stock Exchange under the symbol "TOO".


http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20160629:nCCN9ZRvPf



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            If you are successful, you will win some unfaithful friends and some genuine enemies.  Succeed anyway.

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