Teekay starts tender for $176.6 million 8 7/8% senior notes due 2011

By Devika Patel

Knoxville, Tenn., Jan. 12 - Teekay Corp. said it has begun a cash tender offer and consent solicitation for its $176.6 million of remaining 8 7/8% senior notes due 2011.

The company will pay up to $1,078 per $1,000 of notes, which includes a tender offer premium of $60.00 and, for early tenders, a consent payment of $18.00. The tender premium will only be paid to those who tender before the early tender deadline of 5 p.m. ET on Jan. 26.

The tender offer is scheduled to expire at 11:59 p.m. ET on Feb. 9.

The offer is conditional on Teekay raising at least $300 million in one or more debt financings and receiving valid tenders and consents from a majority of the noteholders.

The dealer manager for the offer is J.P. Morgan (212 834-3424). The information agent is Global Bondholder Services (212 430-3774 or 866 952-2200).

Nassau, Bahamas-based Teekay transports seaborne oil and liquefied natural gas.

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