Athens: Teekay Tankers plans to issue “from time to time” Class A common stock for sale, which could raise up to $80m to be spent on new vessels, among other things.
The number of shares to be sold has not yet been announced nor has their pricing. At the time of writing, the company’s stock is trading at $7.65 per share.
The shares will be sold on the New York Stock Exchange via Evercore Group.
The company says intends to use the net proceeds from sale for general corporate purposes, repaying debt and to fund future working capital requirements, capital expenditures or possibly buy new vessels.
Teekay Tankers has today filed a prospectus supplement with the US Securities and Exchange Commission, which follows a base prospectus filed on June 19 last year.