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Teekay Tankers To Buy 13-Tanker Fleet

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April 17, 2012

Teekay Tankers Ltd., Hamilton, Bermuda, (NYSE: TNK) plans to acquire a fleet of 13 double-hull conventional oil and product tankers and related time-charter contracts, debt facilities and other assets and rights from Teekay Corp. (NYSE: TK) for approximately $455 million.

As partial consideration, Teekay will receive $25 million in new Teekay Tankers Class A shares issued at a price of $5.60 per share. Acquisition includes the assumption by Teekay Tankers of outstanding debt of approximately $180 million in term loans and approximately $290 million in available revolving credit facilities, of ...

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