Teekay Tankers to refinance 36 vessels with new $900m credit facility

Teekay Tankers has secured a new $900 million long-term debt facility to refinance 36 of the company’s existing fleet.

The new facility, which matures in January 2021, includes both a term loan and a revolving credit facility component. Led by Nordea and ABN Amro, the facility is expected to be completed in January subject to final documentation.

Kevin Mackay, CEO of Teekay Tankers, commented: “We are…grateful for the continued strong support we receive from our growing bank group, as represented by our new $900 million debt facility, which was 1.4 times oversubscribed. With the combination of these two key financial initiatives and the Company’s well-timed fleet growth and renewal over the past year, we believe Teekay Tankers’ shareholders are well-positioned to benefit from what we expect will continue to be a strong tanker market.”

Teaks Tankers also approved a new dividend policy under which it intends to pay out 30 to 50 percent of its quarterly adjusted net income, with a minimum quarterly dividend of $0.03 per share.