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WFW Advises Teekay on Major Financing Initiatives

Maritime Activity Reports, Inc.

July 16, 2016

International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”).

This included assisting TOO on US$400m of secured bank financing and the raising of US$200m in fresh equity capital along with the deferment of certain bond maturity dates, whilst parent company Teekay Corp completed US$350m of bank financing and raised a further US$100m in equity capital.

The transatlantic WFW Maritime team advising Teekay was led by London partner Nigel Thomas and senior associate Patrick Smith, assisted by senior associate George Macheras, associate Natalia Golovataya and trainees Cameron Johnstone-Brown and Tanpreet Rooprai. New York partners Daniel Rodgers and Steven Hollander advised on the US and Marshall Islands law aspects of the transaction, assisted by associate Joice Varughese.

Nigel commented: “I’m delighted that we have been able to assist such a valued long term client as Teekay on a significant consolidation and enhancement of their financial position during very challenging times”.

ABN AMRO, Citigroup, Credit Suisse, DNB Bank, ING Capital, Nordea, and Swedbank acted as lead banks for the bank financing initiatives, whilst Citibank, DNB Markets and RBC Capital Markets led the placement for equity initiatives.
 

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