The tender offer was to purchase any and all of the company’s issued and outstanding 5% convertible senior notes due 2023

Davis Polk advised the sole dealer manager in connection with a cash tender offer by Teekay Corporation to purchase any and all of its issued and outstanding 5.000% convertible senior notes due 2023, at a purchase of $1,020 per $1,000 principal amount of the notes, plus any accrued and unpaid interest. The tender offer expired at 12:00 midnight, New York City time, on February 9, 2022. Pursuant to the tender offer, an aggregate principal amount of $85 million of notes were validly tendered and accepted for purchase, representing approximately 75.8% of the total notes outstanding prior to the tender offer.

Teekay is a leading provider of international crude oil and other marine transportation services. The consolidated Teekay entities manage and operate total assets under management of approximately $2 billion, comprised of approximately 55 conventional tankers and other marine assets. With offices in eight countries and approximately 2,500 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading energy companies. Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK.”

The Davis Polk corporate team included partner Shane Tintle and associate Michael Jiang. Partner Michael Farber and associate Yueyu Yang provided tax advice. All members of the Davis Polk team are based in the New York office.

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