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Hamilton, Bermuda – 19 December 2014
Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) announced today that it has priced its follow-on public offering of 20,000,000 shares of Class A common stock at $4.80 per share. Teekay Tankers has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Class A common stock. Teekay Corporation is also purchasing $20 million of Class A common stock of the Company at the same price per share to the public. The Company expects to use the net offering proceeds and proceeds from Teekay Corporation's investment to partially finance the previously announced acquisition of four modern coated Aframax tankers and one modern uncoated Aframax tanker and for general corporate purposes, which may include funding future vessel acquisitions.
Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of 32 double-hull vessels, including 12 Aframax tankers, 10 Suezmax tankers, seven Long Range 2 (LR2) product tankers, three Medium-Range (MR) product tankers, including five vessels to be acquired in the first quarter of 2015, and has contracted ten time charter-in conventional tankers. Teekay Tankers' vessels are employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. The Company also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a minority interest in Tanker Investments Ltd., which currently owns a fleet of 20 modern tankers, including six vessels to be acquired in the first half of 2015.
Teekay Tankers' Class A common stock is listed on the New York Stock Exchange under the symbol "TNK".
The joint book running managers for this offering are Morgan Stanley, BofA Merrill Lynch and Credit Suisse. The co-managers for the offering are Evercore ISI, ABN AMRO and DNB Markets.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014-4606; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, e-mail: dg.prospectus_requests@baml.com; or Credit Suisse, Attn: Prospectus Department, Eleven Madison Avenue, New York, New York 10010-3629, Tel: (800) 221-1037.
Teekay Tankers Ltd. Announces Public Offering of Class A Common Stock
Hamilton, Bermuda – 18 December 2014
Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) announced today that it plans to offer 20,000,000 shares of Class A common stock of the Company in a public offering. Teekay Tankers expects to grant the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Class A common stock. Teekay Corporation is also purchasing $20 million of Class A common stock of the Company at the same price per share to the public. The Company expects to use the net offering proceeds and proceeds from Teekay Corporation's investment to partially finance the previously announced acquisition of four modern coated Aframax tankers and one modern uncoated Aframax tanker and for general corporate purposes, which may include funding future vessel acquisitions.
Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of 32 double-hull vessels, including 12 Aframax tankers, 10 Suezmax tankers, seven Long Range 2 (LR2) product tankers, three Medium-Range (MR) product tankers, including five vessels to be acquired in the first quarter of 2015, and has contracted ten time charter-in conventional tankers. Teekay Tankers' vessels are employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. The Company also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a minority interest in Tanker Investments Ltd., which currently owns a fleet of 20 modern tankers, including six vessels to be acquired in the first half of 2015.
Teekay Tankers' Class A common stock is listed on the New York Stock Exchange under the symbol "TNK".
The joint book running managers for this offering are Morgan Stanley, BofA Merrill Lynch and Credit Suisse.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014-4606; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, e-mail: dg.prospectus_requests@baml.com; or Credit Suisse, Attn: Prospectus Department, Eleven Madison Avenue, New York, New York 10010-3629, Tel: (800) 221-1037.
Teekay Tankers Ltd. press release