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

Finance

AAPA Applauds Senate Passage of Trade Promotion Legislation

The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015),

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

Salvage

Busan: Tugboat Sinks, Two Dead

Two crew members died after their tugboat sank in waters off the southeastern port city of Busan in Korea, Yonhap reports quoting the authorities.   The accident took place around 12:30 p.

Second Sea Lion Rescued from California Oil Spill Dies at SeaWorld

A second sea lion rescued from along California's oil-fouled coastline near Santa Barbara has died at SeaWorld San Diego, where veterinarians are still caring for

ARDENT: The New Name (& Familiar Face) in Maritime Salvage

Last month Svitzer and Titan Salvage announced plans to merge their salvage operations. Peter Pietka, former chief executive of Svitzer Salvage, takes the helm

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.2009 sec (5 req/sec)