Teekay Offshore Partners is selling more debt.
The Ingvild Saether-led company has increased its recent bond issue of $500m to $700m in 8.5% senior unsecured notes due 2023.
Brookfield TK TOLP, the holder of 59.5% of Teekay Offshore’s outstanding common units, has agreed to buy $500m principal amount of the notes in the offering set to close 2 July.
Proceeds from the offering will go towards funding a tender offer to purchase its outstanding 6% bonds due 2019 and its outstanding NOK1bn ($124.3m)
