Teekay Corporation Announces Proposed Common Stock Offering

Teekay-LNG

Teekay Corporation announced that it has commenced an offering to sell, subject to market and other conditions, 10 million shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering.

Teekay also intends to grant the underwriters a 30-day option to purchase 1.5 million additional shares of common stock.

The Company also announced by separate press release that it has commenced a private unregistered offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, of $100 million aggregate principal amount of convertible senior notes due 2023 (or up to $115 million aggregate principal amount if the initial purchasers in that offering exercise in full their option to purchase additional convertible senior notes). Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy the convertible senior notes.

The joint book-running managers for the common stock offering are Morgan Stanley, J.P. Morgan Securities LLC, BofA Merrill Lynch, and UBS Securities LLC. The co-managers for this offering are BNP Paribas Securities Corp. and Credit Agricole Securities (USA) Inc.

The Company expects to use the net proceeds from the offerings for general corporate purposes, which may include, among other things, repaying a portion of its outstanding indebtedness and funding working capital.

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