Teekay Tankers, TIL Close Merger Deal

Tanker owners and operators Teekay Tankers and Tanker Investments Ltd. (TIL) finalized their merger agreement on November 27.

Upon the closing of the merger, each outstanding share of TIL common stock, other than shares held in the treasury of TIL or owned by Teekay Tankers or any of its subsidiaries, was exchanged for the right to receive 3.30 shares of Teekay Tankers Class A Common Stock, and TIL became a wholly owned subsidiary of Teekay Tankers.

Tanker Investments’ shareholders will now own some 30% of the combined entity.

As part of the transaction, Teekay Tankers will assume some USD 350 million of TIL’s long-term debt, which includes two revolving credit facilities and a term loan, and on a pro forma basis as of March 31, 2017, the transaction adds USD 117 million of liquidity to Teekay Tankers.

The parties entered the merger deal in June 2017, with an aim to create one of the world’s largest mid-size tanker companies, with a 62-vessel fleet and combined total assets of USD 2.4 billion.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >