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2018 Sep 13

Teekay Tankers Closes Sale-Leaseback for Six Aframaxes

Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) announced this week that it has completed and closed the previously-announced sale-leaseback transaction for six Aframax tankers, the Whistler Spirit, Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Tarbet Spirit and Peak Spirit.  As a result, the Company has increased its liquidity position by approximately $60 million after the repayment of outstanding debt related to these vessels. This financing was part of the Company’s financing initiatives announced on August 2, 2018.

As part of this financing, the Company will bareboat charter-in these vessels for 9 to 10 years. In addition, the Company has purchase options for each vessel beginning after two years and a purchase obligation for each vessel upon the expiration of each agreement.

“We are pleased to have successfully executed on this significant financing initiative with the completion of this sale-leaseback transaction.  We increased our net liquidity position by an additional $60 million, extended our debt maturity profile and continue to work on other liquidity initiatives,” commented Kevin Mackay, Teekay Tankers’ President and CEO.

Source: www.teekay.com

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