Teekay Tankers Ltd.’s US$533 Million Revolving Credit Facility

Watson Farley & Williams has advised Teekay Tankers Ltd. on a new five-year revolving credit facility of US$533m.

The credit facility will be used to refinance 31 vessels as well as repay circa US$455m of Teekay Tankers’ existing debt and extend balloon maturities from 2020/2021 until the end of 2024.

NYSE-listed Teekay Tankers (NYSE: TNK) was formed by Teekay Corporation in December 2007 as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of 55 double-hull tankers, including 29 Suezmax, 17 Aframax and nine LR2 product tankers.

The WFW London team that advised Teekay Tankers on the new credit facility was led by Finance Partner Patrick Smith (Picture), supported by Associates Tanpreet Rooprai, Millie Farmelo and Amarjit Syan.

Involved fees earner: Millie Farmelo – Watson Farley & Williams; Tanpreet Rooprai – Watson Farley & Williams; Patrick Smith – Watson Farley & Williams; Amarjit Syan – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: Teekay Corporation;