Teekay Tankers Prices Stock
Teekay Tankers Ltd. (NYSE:TNK) announced that it has priced its follow-on public offering of 7,000,000 shares of Class A common stock, at $9.80 per share. The offering is expected to close on June 24, 2009, subject to customary closing conditions. Teekay Tankers has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares to cover any over-allotments. The company expects to use the net offering proceeds to acquire a 2003-built Suezmax tanker (the Ashkini Spirit) from Teekay Corporation (TK) for $57m and to repay a portion of its outstanding debt under its revolving credit facility. Upon the company's acquisition of the Ashkini Spirit, the undrawn availability under the revolving credit facility will immediately increase by a further $58m. Any amounts drawn under this facility are not subject to any scheduled principal repayments until at least November 2012.