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April 6, 2010

Teekay Plans Share Offering to Buy Tankers

Teekay Tankers said it is planning to sell publicly seven million shares of class-A common stock to help finance the purchase of three oil tankers from its parent company, Teekay Corporation. Bermuda-based Teekay said it will also issue unregistered shares of the stock with an aggregate

By cms admin

Teekay Tankers said it is planning to sell publicly seven million shares of class-A common stock to help finance the purchase of three oil tankers from its parent company, Teekay Corporation.

Bermuda-based Teekay said it will also issue unregistered shares of the stock with an aggregate value of about $32m to its parent.

The rest of the $168.7m purchase price will come from money borrowed under Teekay’s revolving credit facility, it said.

The company expects the transactions to increase its fleet capacity by 23% to about 1.8 million dwt.

Teekay Tankers said it will grant underwriters a 30-day option to purchase an additional 1.05 million shares of the stock to cover any over-allotments.

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