Teekay Offshore Partners LP‘s (TOO) sale of roughly 7.4 million of its common units, representing limited-partner interests, priced at a 3.9% discount to Tuesday’s close.
The master-limited partnership’s common units were down 5.3% at $27.25 in recent premarket trading, below the offer price of $27.65 each.
The provider of marine transportation and other services to the offshore oil industry on Tuesday had planned to offer about seven million units.
Teekay Offshore had about 70.6 million units outstanding as of June 30. The company said it plans to use the proceeds to help fund the $540 million acquisition of a floating production, storage and offloading unit from Teekay Corp. (TK) and to reduce its debt.
-By Tess Stynes. (c) 2012 Dow Jones & Company, Inc.