Teekay Offshore Agrees USD 100 Mn FPSO Fleet Refinancing

FPSO Petrojarl VargFPSO Petrojarl Varg; Image Courtesy: Teekay Corporation

Teekay Offshore Partners has secured a new USD 100 million revolving credit facility to refinance three of its FPSO units.

The vessels in question are the Piranema Spirit, Voyageur Spirit, and Petrojarl Varg.

The previous credit facility matured at the same time with a balloon payment of USD 35 million.

The new facility is funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years.

Teekay Offshore Partners’ parent company, Teekay Corporation, recently revealed that it reached an agreement to sell its remaining interests in Teekay Offshore to asset management company Brookfield.

The deal includes Teekay’s 49% general partner interest, common units, warrants, and an outstanding USD 25 million loan to Teekay Offshore to be sold for total proceeds of USD 100 million in cash.

The company said that the transaction is expected to be completed in early to mid-May 2019.

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