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Teekay Parent 3Q18: Refinancing Outlook

HY Note: 19 Nov 2018, 9:58 PM ET - Good short-term high yield bonds

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Teekay Parent: Big Equity/Convert Raise

Worth Watching: 24 Jan 2018, 8:32 PM ET - Teekay Parent hits the capital markets for $100 million new equity and a $125 million 5% convert due 23, the first step in taking out the existing $593 million 8.5% parent bond due 2020.  The next step is raising distributions at TOO and TPG to ..

Teekay Parent 3Q17: Improving Cash Flow

HY Note: 13 Nov 2017, 4:10 AM ET - Operating asset cash flow improves, followed by significant potential for higher affiliate distributions and unit appreciation.

Teekay Offshore 3Q17: Ramping Up Cash Flow

HY Note: 12 Nov 2017, 9:20 PM ET - Cash flow ramps up as a flotilla of new projects come on line.

Teekay Parent 2Q17: Past, Present, and Future

HY Note: 06 Aug 2017, 9:35 PM ET - Asset coverage should improve.

Teekay Parent: Semi Monetizes TOO

Worth Watching: 27 Jul 2017, 8:03 PM ET - Teekay Parent solves its Teekay Offshore problem and its own liquidity issue by essentially selling TOO to Brookfield Business Partners (BBU).  BBU puts significant cash equity into TOO to clean up the balance sheet and cash into TK by buying ..

Teekay Offshore: Transformational Event

Worth Watching: 27 Jul 2017, 8:03 PM ET - Teekay Offshore received a transformational investment from Brookfield Business Partners (BBU), essentially buying the MLP out from under Teekay Parent in exchange for increased parent liquidity.  The plethora of nagging issues are solved—Arunde ..

Teekay Offshore: Brookfield Solves Financing

Worth Watching: 27 Jul 2017, 4:39 AM ET - Teekay Offshore receives a $610 million equity investment from Brookfield Business Partners (BBU) alongside another $30 million from Teekay Parent, fully funding TOO's growth projects, and unleashing all the $9 billion contracted cash flows fro ..

Teekay Offshore: The Positive Story

HY Note: 13 Jun 2017, 6:36 AM ET - Bonds significantly oversold.

Teekay: TNK and TIL Announce Equity Merger

Worth Watching: 31 May 2017, 11:46 PM ET - Teekay daughter company Teekay Tankers announced a merger with Tanker Investments, a tanker trading vehicle set up by both TNK and TK several years ago.  A lack of significant tanker industry rebound hurt TIL's upside potential, forcing its exp ..

Teekay Parent 1Q17: Sum of Parts < Whole

HY Note: 22 May 2017, 11:54 PM ET - Still a waiting game until affiliate activity picks up in 2018.

Teekay Offshore 1Q17: Ever Receding Bonanza

HY Note: 19 May 2017, 5:09 AM ET - Petrobras cancelled the Arundal Spirit contract, but the FPSO Libra is now on location.

Teekay Parent 4Q16: Choppy Until 2018

HY Note: 28 Feb 2017, 6:08 AM ET - Bond recommendation cut to BUY after 40 point rebound; solid outlook with $20 billion consolidated contracted backlog.

Teekay Parent 3Q16: Buy/Clip/Wait

Earnings Note: 13 Nov 2016, 6:55 PM ET - Hunkered down, poised for upside.

Teekay Offshore 3Q16: Petrojarl I Delay

Earnings Note: 06 Nov 2016, 11:54 PM ET - Petrojarl I delivery delayed, not cancelled.

Teekay: Equity Raises

Worth Watching: 21 Aug 2016, 11:21 PM ET - Teekay Parent and Teekay Offshore were active SEC filers recently.  TOO registered 22 million shares privately raised during the refinancing and issued a follow-on prospectus for up to $100 million of new shares through Citi.  As part of the de ..

Teekay Parent 2Q16: Stabilized

Earnings Note: 09 Aug 2016, 11:26 PM ET - Financing in place at the Parent and affiliates, funding capex for future contracted revenues.

HY Note: TOO Refinancing Crystallizes

HY Note: 20 Jun 2016, 4:17 AM ET - Teekay Offshore's refinancing is signed, sealed, and just about delivered.

Teekay Parent 1Q16: Sells Equity, Buy Bonds

Earnings Note: 22 May 2016, 10:17 PM ET - Teekay successfully executes Parent debt refinancings and liquidity improvement, including $100 million equity issuance.  Bonds remain STRONG BUYS.

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