Teekay Tankers Completes Sale-Leaseback On Six Aframax Tankers

Teekay Tankers Ltd. (Teekay Tankers or the Company) announced 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.

Representation Image Credits: Teekay Corporation – Youtube

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

Press Release: teekay.com

Source: Maritime Shipping News