May 23, 2019
HAMILTON, Bermuda, May 23, 2019 (GLOBE NEWSWIRE) — Teekay Corporation (Teekay or the Company) (NYSE:TK) announced today the expiration and final tender results of its previously announced cash tender offer to purchase any and all of its outstanding $497.7 million in aggregate principal amount of 8.5% senior notes due 2020 (the 2020 Notes and such tender offer, the Offer). The Offer expired at 11:59 p.m., New York City time, on May 21, 2019 (the Expiration Time).
The Company previously accepted for purchase approximately $458.0 million in aggregate principal amount of 2020 Notes that were validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on May 7, 2019 (the Early Tender and Consent Date), for cash consideration of $1,032.50 per $1,000 in principal amount of 2020 Notes, plus accrued and unpaid interest, and paid for such 2020 Notes on May 13, 2019. Additional tenders were received after the Early Tender and Consent Date but at or prior to the Expiration Time from holders of 2020 Notes representing approximately $2.9 million in aggregate principal amount of 2020 Notes (the Tendered Notes). On May 23, 2019, the Company purchased all Tendered Notes, for cash consideration of $982.50 per $1,000 in principal amount of 2020 Notes, plus accrued and unpaid interest. Consequently, as of May 23, 2019, the total aggregate principal amount of 2020 Notes tendered and cancelled under the Offer was $460.9 million.
The Offer was made pursuant to the terms and conditions contained in the Offer to Purchase and Consent Solicitation Statement, dated as of April 24, 2019 (as amended, supplemented or modified) and the related Letter of Transmittal and Consent, copies of which may be requested from the Depositary and Information Agent for the Offer, Ipreo LLC, by telephone at (888) 593-9546 (U.S. Toll-Free) or (212) 849-3880 (for eligible institutions only).
Persons with questions regarding the Offer should contact the Dealer Manager and Solicitation Agent for the Offer, J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, New York 10179, Attn: Liability Management Group, (866) 834-4666 (U.S. Toll-Free) or (212) 834-6950 (Collect).
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Teekay is a leading provider of international crude oil and gas marine transportation services and also provides offshore production and logistics. Teekay provides these services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P. (NYSE:TGP), the world’s third largest independent owner and operator of LNG carriers, and Teekay Tankers Ltd. (NYSE:TNK), one of the world’s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate total assets under management of approximately $11 billion, comprised of approximately 155 liquefied gas, offshore, and conventional tanker assets. With offices in 12 countries and approximately 5,600 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies.
Teekay’s common stock trades on the New York Stock Exchange under the symbol “TK”.
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