July 27, 2017 / 3:12 AM / a month ago

BRIEF-Teekay Offshore Partners and Brookfield announce strategic partnership

July 26 (Reuters) - Teekay Offshore Partners:

* Teekay Offshore Partners Lp says Teekay and Brookfield announce strategic partnership and investment in teekay offshore

* Teekay Offshore Partners - transaction includes a $640 million equity investment and other financing initiatives

* Co and Teekay will invest $610 million and $30 million, respectively, in teekay offshore at price of $2.50 per common unit

* Teekay Offshore Partners - co reached agreement in principle with lenders of arendal spirit ums debt facility to extend mandatory prepayment

* Teekay Offshore Partners - will transfer its shuttle tanker business into a new, wholly-owned, non-recourse subsidiary, teekay shuttle tankers llc

* Teekay Offshore Partners - majority of co's shuttle tanker fleet will be refinanced with new $600 million, 5-year debt facility

* Teekay Offshore Partners - co's two 50 percent-owned vessels will be refinanced with a new $71 million, four-year debt facility Source text for Eikon: Further company coverage:

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