The New York-listed company, a spin-off of tanker giant Teekay Corp, said it has struck a deal to issue 6.7 million shares to a group of institutional investors.
Its parent will also make a proportionate capital contribution to keep its general partnership interest, which is not included in the estimated total proceeds.
“The partnership intends to use the proceeds from the sale of common units for general partnership purposes, including funding newbuilding instalments, capital conversion projects and future acquisitions of vessels,” Teekay Offshore said.
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