Teekay Offshore Partners has wrapped up funding for 16 shuttle tankers.

The MLP says the funds come from a $450m revolving credit facility.

Teekay Offshore, which does not name the banks on the deal, explains the loan is priced at Libor + 250 basis points and carries an 8.4-year profile.

The company has assets of $5.2bn and is owned by Brookfield Business Partners, which is seeking to take it off the New York Stock Exchange.