The New York-listed MLP is selling five million Series B Preferred Units at $25.00 each, a statement said.

As TradeWinds reported yesterday when the fundraiser was first announced, Teekay is set to use the cash for newbuilding instalments and to fund the dropdown of the FPSO Petrojarl Knarr from Teekay Corp.

Underwriters of the units sale will have the option to buy an extra 750,000 units, which would add a further $18.75m