September 13, 2018

Teekay Tankers closes leasebacks

Teekay Tankers closed in mid-September a the previously announced sale and leaseback transaction for six Aframax tankers: Whistler Spirit, Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Tarbet Spirit and Peak Spirit.

With the transaction, the company has increased its liquidity position by approximately $60 million after repayment of outstanding debt related to these vessels.

Teekay Tankers will bareboat charter-in these vessels for nine to 10 years.

The company has purchase options beginning after two years and a purchase obligation for each vessel on expiration of each agreement.