Teekay Offshore Partners delays bond payments

Teekay Offshore Partners has announced that it has received formal approvals from bondholders to extend to late-2018 the majority of the principal maturity payments for two of the partnership’s existing Norwegian Kroner senior unsecured bonds, previously maturing in January 2017 and January 2018, subject to completion of the other previously announced financing initiatives.

“I am pleased to report this important milestone towards completing our financing initiatives, which we highlighted in our first quarter 2016 earnings release and conference call in May 2016,” said Peter Evensen, chief executive officer of Teekay Offshore.

“Our other financing initiatives remain on track to be completed by the end of June 2016. These financing initiatives, together with cash flow from operations, are expected to cover all of our medium-term liquidity requirements and to fully finance our $1.6 billion of existing growth projects delivering through 2018, which we expect will further grow our distributable cash flow,” he added.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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