Teekay Tankers announced on Thursday afternoon that it was offering seven million shares at $9.80 per share. The company planned to use the proceeds to buy a tanker and pay down debt.
The offering is expected to close by June 24. The underwriters are Morgan Stanley and Citigroup, who will have the option to purchase an additional 1.1 million shares.
The company plans to purchase a 2003 Suezmax tanker for $57 million from Teekay Corporation, which formed Teekay Tankers in 2007.
Shares of Teekay Tankers were trading at $9.11 on Friday morning, down over fourteen percent.
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