MLP Teekay Offshore Partners to Offer New Fixed-to-Floating Preferred

Teekay Offshore Partners (NYSE:TOO) is going to offer and new fixed-to-floating rate preferred which will have the permanent ticker of TOO-E.

TOO has a 7.25% issue and a 8.50% issue currently outstanding and each of them is trading under $25.  They are not yet redeemable.

The new issue is cumulative and redeemable starting in 2025.

The company press release can be read here.

SEC documents are here.

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