All quotations are from the companies' most recent S-1 filings with links provided for each company.
We are an international provider of marine transportation and storage services to the offshore oil industry. We were formed in August 2006 by Teekay Shipping Corporation (NYSE: TK), a leading provider of marine services to the global oil and natural gas industries, to further develop its operations in the offshore market. We plan to leverage the expertise, relationships and reputation of Teekay Shipping Corporation and our controlled affiliates to pursue growth opportunities in this market. Upon the closing of this offering, Teekay Shipping Corporation will own a 65.0% interest in us, including a 2.0% general partner interest through our general partner, which Teekay Shipping Corporation owns and controls.
Offering: 7 million shares at $19.00 - $21.00. Net proceeds of approximately $127.8 million will be used to repay non-interest bearing promissory notes issued to Teekay Shipping Corporation prior to IPO.
Lead Underwriters: Citigroup, Merrill Lynch
Net voyage revenues decreased by 5.3% to $218.5 million for the six months ended June 30, 2006, from $230.7 million for the same period in 2005...Net loss was $16.8 million for the six months ended June 30, 2006, compared to net income of $69.2 million for the same period in 2005.
We are a commercial finance company that provides customized debt financing solutions to middle-market businesses, mid-sized specialty finance companies, issuers of asset-backed and commercial mortgage-backed securities, and commercial real estate borrowers. We principally focus on the direct origination of loans and other debt products that meet our risk and return parameters. Our direct origination efforts target corporate executives, private equity sponsors, regional banks, real estate investors and a variety of other financial intermediaries to source transaction opportunities. Direct origination provides direct access to our customers’ managements, enhances our due diligence, and allows significant input into our customers’ capital structures and direct negotiation of transaction pricing and terms. We employ highly experienced origination, credit and finance professionals to identify and structure our transactions. We believe that the quality of our professionals, their ability to develop creative solutions and our efficient, comprehensive credit approval process position us to be a preferred lender for mid-sized borrowers.
Offering: 11 million shares at $15-17 per share. Net proceeds of approximately $161.1 million will be used for business development and debt repayment.
Lead Underwriters: Goldman Sachs, Morgan Stanley
Interest income increased $57.9 million, from $19.1 million for the nine months ended September 30, 2005 to $77.1 million for the nine months ended September 30, 2006. The increase was primarily due to growth in average interest earning assets of $755.6 million, as well as an increase in the yield on average interest earning assets from 8.18% to 9.65% primarily driven by an increase in prevailing interest rates, offset in part by a reduction in credit spreads...Interest expense increased $34.6 million, from $10.3 million for the nine months ended September 30, 2005 to $45.0 million for the nine months ended September 30, 2006. The increase was primarily due to an increase in average borrowings of $664.9 million to fund growth in interest earning assets, as well as an increase in our cost of borrowings.