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Improving Leverage While Increasing Liquidity – Teekay Tanker Follow-On

Utilizing last year’s shelf registration, Teekay Tankers Ltd. last Friday priced its follow-on offering of 8.2 million Class A shares of common stock at $12.15, a 6.6% discount to the closing price the day of the announcement (September 30th). Gross proceeds, exclusive of the 30-day green shoe, were approximately $99.6 million. Proceeds will be used to repay a portion of the outstanding debt under its revolving credit facility, which has a variable rate of interest equal to LIBOR + 60 bps. Previously, drawdowns under the revolver had been made for working capital, general corporate purposes and to fund the two loans totaling $115 million made to an Asian shipowner. The 3 year loans, swapped mainly to a fixed rate of 1.6%, are secured by first mortgages on two 2010 built VLCCs.

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