Teekay Offshore Partners Secures $450 Million Shuttle Tanker Fleet Refinancing

May 24, 2019

HAMILTON, Bermuda, May 23, 2019 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO, Financial) announced today that in accordance with previously noted financing plans, it has secured a new $450 million revolving credit facility for sixteen shuttle tankers. The facility will be used to refinance the existing revolving credit facility dated September 8, 2017, currently fully drawn with outstanding amount of $445 million, and for general corporate purposes. The facility is funded by commercial banks and bears interest at LIBOR + 250 basis points with a five-year tenor and a profile of 8.4 years.

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