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Transportation

Teekay Offshore Raising Vessel Acquisition Money (TOO, TK)

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By Jon C. Ogg Updated Published
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Teekay Offshore Partners LP (NYSE: TOO) is the latest among many companies seeking to raise capital.  The company has announced plans to sell some 5.6 million public units in a secondary offering on top of the approximately 45 million  units outstanding.

The company plans to use the proceeds to acquire new vessels, as well as for general corporate purposes.  Those acquisitions of vessels include vessels which Teekay Corp. (NYSE: TK) has offered or may offer for it to acquire. Teekay raised roughly $130 million in another secondary offering this year.

Teekay’s units had risen nearly 50% this year and the units closed at $29.11 today against a 52-week range of $16.89 to $29.94.  In the after-hours reaction, those units were trading down nearly 5% around $27.70.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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