Teekay Offshore Partners +18% after private placement

|About: Teekay Offshore Partners L.P. (TOO)|By:, SA News Editor

Teekay Offshore Partners (TOO +18.2%) soars nearly 20% in heavy volume after announcing a private placement of $200M of equity securities.

TOO says it issued $100M worth of perpetual preferred units and $100M worth of common units to a group of investors.

TOO plans to use the proceeds for general partnership purposes, including the funding of its newbuilding installments and capital conversion projects.

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