Teekay Offshore Partners L.P. (TOO) announced that it has signed a $260 million revolving credit facility secured by the Petrojarl Varg Floating Production Storage and Offloading unit or Petrojarl Varg FPSO.
Teekay Offshore Partners acquired the Petrojarl Varg FPSO from Teekay Corp. (TK) on September 10, 2009 for $320 million.
Teekay Offshore Partners specified that a portion of the new facility will be drawn to repay the $160 million Tranche A of the $220 million vendor financing provided by Teekay during Petrojarl Varg FPSO transaction, and added that the $60 million Tranche B of the vendor financing will remain outstanding.
Teekay Offshore Partners said that the undrawn portion of the new revolving credit facility will immediately increase its liquidity by $100 million.
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