Teekay Offshore Partners Sells a Juicy 8.50% Preferred Issue
By: Tim McPartland,
Teekay Offshore Partners LP has sold a new preferred unit offering with a coupon of 8.50%. Teekay is a MLP with tankers, shuttle tankers and other miscellaneous offshore services.
While we are not fans of low quality issues we may take a personal quick position in this issue if it comes to market at or under par. The issue in theory should trade up toward $26 over the course of the next month so our position would simply attempt to capture that dollar.
This is a perpetual issue so we don’t have an interest for a longer term portfolio, plus of course, it is a shipper which we have always been leery of (damn we are so picky).
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Details of this issue are here.
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Tim McPartland
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Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
