MLP Teekay Offshore (NYSE:TOO) has priced a new offering of fixed-to-floating rate preferreds at 8.875%.
This fixed rate will stay in effect until 2/15/2025 at which point the rate will float at a rate of 3 month libor plus 640.7 basis points (6.407%).
The company’s press release is here.
The final pricing document is here.