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Teekay Corporation (TK)

- NYSE
  • Wed, Aug. 5, 10:30 AM
    • Teekay Tankers (TNK +1.9%) agrees to acquire a fleet of 12 Suezmax tankers from Principal Maritime Tankers for $662M, a deal TNK says will make it one of the largest owners of Suezmax tankers in the world.
    • TNK says the vessels included in the deal are scheduled to be delivered by October 2015 and are expected to operate in the spot tanker market upon or soon after delivery.
    • TNK expects the acquisition to be immediately accretive to earnings, free cash flow and net asset value per share.
    • TNK says it has received commitments from four of its lenders to provide a new debt facility of ~$400M to be secured by the acquired vessels, and will issue $50M in new common shares to Principal, $30 million to Teekay Corp. (TK +1.4%) and $60M to a group of institutional investors.
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  • Apr. 16, 2012, 7:14 PM
    Teekay (TK) says it's selling 13 of its 17 directly owned conventional tankers to its subsidiary Teekay Tankers (TNK) for $455M in an all stock-and-debt deal. The sale will allow Teekay to invest in new areas. TK +0.2%, TNK +2.2% AH.
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Company Description
Teekay Corp is a provider of crude oil and gas marine transportation services and it also offers offshore oil production, storage and offloading services, mainly under long-term, fixed-rate contracts.
Sector: Services
Industry: Shipping
Country: Canada