Bermuda: Teekay Tankers Acquires 13 Vessels From Teekay Corporation

Bermuda - Teekay Tankers Acquires 13 Vessels From Teekay Corporation

Teekay Tankers Ltd. announced yesterday that it has reached an agreement to acquire from Teekay Corporation, a fleet of 13 double-hull conventional oil and product tankers and related time-charter contracts, debt facilities and other assets and rights, for an aggregate purchase price of approximately $455 million.

The acquired fleet consists of seven crude oil tankers and six product tankers.

As partial consideration, Teekay will receive $25 million in new Teekay Tankers Class A shares issued at a price of $5.60 per share.

Nine of the 13 vessels to be acquired currently operate under favorable fixed-rate time-charters. Immediately following the transaction, Teekay Tankers’ fixed coverage is expected to increase from approximately 29 percent to approximately 43 percent for the 12 months commencing July 1, 2012.

Acquisition includes the assumption by Teekay Tankers of outstanding debt of approximately $180 million in term loans and approximately $290 million in available revolving credit facilities, of which approximately $40 million will be undrawn. As a result of the transaction, Teekay Tankers’ liquidity is expected to increase to approximately $400 million, which the Company believes will provide flexibility to pursue further accretive growth opportunities.

Transaction is expected to be accretive to Teekay Tankers’ Cash Available for Distribution per share and dividend per share.

Teekay will grant Teekay Tankers a right of first refusal on any conventional tanker opportunities developed by Teekay for a period of three years from the closing date.

Source: Teekay, April 17, 2012




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