TeeKay Shipping cancels 8.32% notes

New York, Nov. 7 - TeeKay Shipping Corp. (Ba2) said that it had cancelled $57.8 million of its 8.32% first preferred ship mortgage notes, which previously had been outstanding, although held by the company, which effectively satisfies all of the 2008 and a portion of the 2007 sinking fund payments related to the notes.

TeeKay, a Nassau, Bahamas-based provider of international crude oil and petroleum product transportation services, said that following the cancellation, approximately $167.2 million of the 8.32% notes remain outstanding.

TeeKay said that it may repurchase additional 8.32% notes from time to time in accordance with applicable laws, regulations and stock exchange requirements. On Feb. 2, 2004, it will use cash to satisfy a $45 million sinking fund payment applicable to the notes, which will retire the notes at their face value.

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