TNK - Teekay Corporation Salvages Debt Refinancing By Turning To Plan-B
Last week, I provided my assessment of Teekay Corporation's (TK) or "Teekay" proposed debt refinancing which has caused a lively debate among investors.
Photo: Petrojarl Foinaven FPSO - Source: www.aukevisser.nl
As it turned out, the company's original proposal likely ran into troubles with investors as Teekay surprisingly announced the sale of its remaining interests in Teekay Offshore Partners (TOO) to Brookfield Business Partners (BBU) for $100 million in cash and subsequently amended the offering terms:
- Reduced principal amount by $50 million to $250 million with expected net proceeds