Teekay Offshore Partners
L.P. announced that it has priced its initial public offering
of 7,000,000 of its common units at $21.00 per unit. The 7,000,000 common units represent a 35.0% limited partner interest in the master limited partnership and the offering will increase to 8,050,000 common units if the underwriters exercise in full their over-allotment option. Teekay Shipping Corporation owns the remaining interests in the partnership, including common units, subordinated units, incentive distribution rights and its 2% general partner interest. The common units will trade on the New York Stock Exchange under the symbol "TOO."
Citigroup Corporate and Investment Banking and Merrill Lynch
& Co. acted as joint book-running managers and representatives of the underwriters, which include Morgan Stanley, A.G. Edwards, Deutsche Bank Securities, Raymond James, Simmons & Company International, DnB NOR Markets
and Fortis Securities.