Teekay Offshore Partners Slips on Discounted Common Unit Sale (TOO,TK)
3/17/2010-Shares of Teekay Offshore Partners (NYSE: TOO) are trading 5.4% lower to $19.40 Wednesday after the company priced the offering of its planned sale of at least 4.4 million common units at a 5% discount to Tuesday's closing price of $20.50.
The company is raising the capital to pay debt owned to former parent Teekay Corp. (NYSE: TK) and to fund an acquisition.
The units were priced at $19.48, and they recently traded down 5.8% at $19.31 premarket.
Write to Chip Brian at cbrian@tradethetrend.com
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