Teekay Tankers plans stock offering to raise $80m

Teekay Tankers plans stock offering to raise $80m

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.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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