Teekay Shipping Corporation (NYSE:TK) today completed the previously announced sale of 7.25% Premium Equity Participating Security Units (PEPS Units) pursuant to its currently effective universal shelf registration statement.
The sale consisted of 5,750,000 PEPS Units, including 750,000 PEPS Units issued in connection with the exercise by the underwriters’ of their over-allotment option. Teekay received $143.75 million of gross proceeds from the sale.
Proceeds from the offering may be used to finance potential acquisitions and for general corporate purposes, including capital expenditures, working capital, and the repayment of debt.
Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc. were the joint book-running managers for the offering.
TEEKAY
Teekay Shipping Corporation is a leading provider of international crude oil and petroleum product transportation services through the world’s largest fleet of medium-sized oil tankers. With its main operating office in Vancouver, Canada and offices in 11 other countries, Teekay employs more than 4,100 seagoing and shore-based staff globally. The Company has earned a reputation for safety and excellence in providing transportation services to major oil companies, oil traders and government agencies worldwide.
FORWARD-LOOKING STATEMENTS
The statements in this press release that are not historical facts or information may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. Certain of these risks and uncertainties are listed in Teekay’s 2001 Annual Report on Form 20-F, subsequent SEC filings and the prospectus supplement relating to the offering.
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