Teekay Corporation announces exchange offer with respect to 8.5% senior unsecured notes due 2020
Teekay Corporation announced today that it has commenced a registered exchange offer to exchange up to $200 million outstanding unregistered 8.5% Senior Notes due 2020 (CUSIP Nos. 87900YAB9 and Y8564WAC7) for a like principal amount of newly issued, registered 8.5% Senior Notes due 2020 (CUSIP No. 87900YAA1) .
The sole purpose of the Exchange Offer is to fulfill the obligations of Teekay with respect to the registration of the Original Notes. Pursuant to a registration rights agreement entered into in connection with the sale of the Original Notes, the Company agreed to file with the Securities and Exchange Commission a registration statement relating to the Exchange Offer pursuant to which the Exchange Notes, containing substantially identical terms to the Original Notes, would be offered in exchange for Original Notes that are tendered by the holders thereof.
Any Original Notes not tendered for exchange in the exchange offer will remain outstanding and continue to accrue interest, but will not retain further exchange or registration rights and will continue to be subject to restrictions on transfer.
The Exchange Offer will expire at 5:00 p.m., New York City time, September 14, 2016, unless extended. Original Notes tendered pursuant to the Exchange Offer may be withdrawn at any time prior to the expiration date by following the procedures set forth in the Exchange Offer prospectus dated August 16, 2016.
The terms of the Exchange Offer are contained in the Exchange Offer prospectus. Requests for assistance or for copies of the Exchange Offer prospectus should be directed to The Bank of New York Mellon, 111 Sanders Creek Parkway, East Syracuse, New York, 13067, Attention: Corporate Trust Reorganization Unit.
