Same Deal Just a Bit More Opaque For Now

Not to be defeated, Bob Burke’s Ridgebury Tankers is back on its feet shaking off the lukewarm reception from the 144A institutional market. Changing its focus, Ridgebury filed a preliminary prospectus for an IPO after the market closed Friday. Although details for the moment are scarce, the deal structure remains virtually unchanged except for the fact that that the three Teekay Suezmaxes are no longer part of the deal, creating a void that needs to be filled. We expect that specific vessels will be identified prior to the road show.

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