Dropdown Plus Liquidity

Last Thursday, after the market closed, Teekay Tankers (“TNK”) announced that it had utilized its shelf registration and filed a secondary offering of 7 million Class A common shares. The offering was led by Morgan Stanley and Citi and includes a green shoe of 1.05 million shares. Shares closed Thursday at $10.61. On Friday, the company priced the issue at $9.80, a 7.6% discount to the prior closing price. In the enclosed Guts of the Deal, we highlight the terms of the offering.

Proceeds will be used to acquire the M/T Ashkini Spirit, a 2003-built Suezmax tanker, for $57

This is only an excerpt of Dropdown Plus Liquidity

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.

Existing Users Login
Username
Password

Related Archive Files

• No Related Post