Teekay buys back further $79.9 million 8.32% notes

New York, Dec. 9 - Teekay Shipping Corp. said it bought back and cancelled a further $57.9 million of its 8.32% first preferred ship mortgage notes.

Teekay said it recently repurchased the notes prior to their cancellation.

The Nassau, Bahamas oil and petroleum product shipping company now has $109.3 million of the notes outstanding.

Along with the $57.8 million of notes cancelled on Nov. 6, the buybacks satisfy all the 2007 and $25.7 million of the 2006 sinking fund payments on the notes, Teekay said.

Teekay added that it will use cash to make a $45 million sinking fund payment due Feb. 2, 2004.

Teekay said that it may repurchase additional 8.32% notes from time to time in accordance with applicable laws, regulations and stock exchange requirements.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.