Teekay Selling Notes to Raise Up to USD 115 Mn

Bermuda-based shipping company Teekay Corporation is looking to collect up to USD 115 million as it launched an offering to sell its convertible senior notes due 2023.

The company would sell USD 100 million or up to USD 115 million convertible senior notes, if the initial purchasers exercise in full their option to purchase additional convertible notes in a private offering.

The notes, convertible into Teekay’s common stock, will be the general senior unsecured obligations of Teekay and will accrue interest payable semi-annually in arrears.

Furthermore, Teekay informed that it has commenced a registered public offering pursuant to an effective shelf registration statement of 10 million shares of its common stock. The company intends to grant the underwriters in that offering a 30-day option to purchase up to an additional 1.5 million shares of common stock.

The shipping firm expects to use the net proceeds from the offerings for general corporate purposes, which may include, among other things, repaying a portion of its outstanding indebtedness and funding working capital.

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