Teekay Announces IPO

Tuesday, December 04, 2007
Teekay Corporation (Teekay) announced that its wholly owned subsidiary, Teekay Tankers Ltd., has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its Class A Common Stock. The offering currently is scheduled to include 10,000,000 shares of Class A Common Stock (11,500,000 shares if the underwriters exercise their over-allotment option in full), representing a 40% ownership interest. The Class A Common Stock has been approved for listing on The New York Stock Exchange, subject to official notice of issuance, under the symbol "TNK."

Teekay Tankers Ltd., a recently formed Marshall Islands corporation, will acquire from Teekay upon the closing of the public offering a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay will manage under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay will offer to Teekay Tankers within 18 months of the public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. Citi and Morgan Stanley will act as joint book-running managers and as representatives of the underwriters, who will include Merrill Lynch & Co., Wachovia Securities, Deutsche Bank Securities, JPMorgan, Dahlman Rose & Company, Scotia Capital, and Johnson Rice & Company L.L.C.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Harper Government Invests in Naufrage Harbor

The Honorable Gail Shea, Minister of Fisheries and Oceans, announced today an investment to improve safety and working conditions for fishermen at Naufrage Harbor, Prince Edward Island.

Strategic Marine’s Stock Program Full Power Ahead

Strategic Marine, the specialist shipbuilder and fabricator, has confirmed its stock program of personnel transport vessels is market-ready. “Our stock program

Shift to Contract Labor in U.S. Maritime, Offshore Sectors Underway

Maritime and Offshore recruiter Faststream has reported a shift in attitude towards temporary, project and consulting work following a recent survey to over 1,000 candidates in North America.

Salvage

Fire on Subsea Viking

An exclusion zone was set up around Hatston Pier earlier as the offshore support vessel Subsea Viking which was tied up alongside at the time caught fire at Hatson

Boxships Collide in Port Klang, Malaysia

The container ships MOL Empire and Northern Democrat collided at around 1430 LT Aug 1 in Westport harbor at Port Klang, Malaysia, reportedly while mooring.   Container or containers fell overboard,

Five Rescued from Yatch in Solent, UK

Five people have been rescued from the Solent after their small leisure boat suffered engine failure and began taking on water.   The occupants of the boat made

 
 
Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1048 sec (10 req/sec)