Teekay Offshore Partners (TOO) To Offer 6.5M Units

July 29, 2009 5:17 PM EDT

Teekay Offshore Partners L.P. (NYSE: TOO) plans to offer 6,500,000 common units, representing limited partner interests, in a public offering. Teekay Offshore expects to grant the underwriters a 30-day option to purchase an additional 975,000 common units to cover over-allotments, if any. The Partnership expects to use the net proceeds from the public offering to repay amounts outstanding on one of its revolving credit facilities.

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