Moody’s provides B2 to Teekay note add-on

Moody's Investors Service said it assigned a B2 rating to the $200 million add-on to Teekay Corp.’s existing 8½% senior unsecured notes due Jan. 15, 2020.

Teekay will use the proceeds to pay some outstanding revolver outstanding with the remainder going to cash.

The corporate family rating is B1.

The outlook is stable.

The add-on notes are being issued under a supplement to the indenture of the 8½% notes and have the same terms, conditions and maturity date.

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