Teekay Offshore Partners Sells a Juicy 8.50% Preferred Issue

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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).

Details of this issue are here.

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