Teekay Tankers Ltd. (NYSE:TNK) announced today that it plans to offer 15,000,000 shares of Class A common stock of the Company in a public offering. Teekay Tankers expects to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of Class A common stock to cover any over-allotments. The Company expects to use the net offering proceeds to repay a portion of its outstanding debt under its revolving credit facility.
Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation (TK)
as part of its strategy to expand its conventional oil tanker business
. Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers and six double-hull Suezmax tankers and time-charters in two double-hull Aframax tankers from third parties, all of which an affiliate of Teekay Corporation manages through a mix of short- or medium-term fixed-rate, time-charter and spot-tanker-market trading. Teekay Tankers intends to continue to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors.