Teekay Tankers Ltd. Announces Public Offering of Class A Common Stock

HAMILTON, BERMUDA–(Marketwired – Dec. 18, 2014) – Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) announced today that it plans to offer 20,000,000 shares of Class A common stock of the Company in a public offering. Teekay Tankers expects to grant the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Class A common stock. Teekay Corporation is also purchasing $20 million of Class A common stock of the Company at the same price per share to the public. The Company expects to use the net offering proceeds and proceeds from Teekay Corporation’s investment to partially finance the previously announced acquisition of four modern coated Aframax tankers and one modern uncoated Aframax tanker and for general corporate purposes, which may include funding future vessel acquisitions. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of 32 double-hull vessels, including 12 Aframax tankers, 10 Suezmax tankers, seven Long Range 2 (LR2) product tankers, three Medium-Range (MR) product tankers, including five vessels to be acquired in the first quarter of 2015, and has contracted ten time charter-in conventional tankers. Teekay Tankers’ vessels are employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. The Company also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a minority interest in Tanker Investments Ltd., which currently owns a fleet of 20 modern tankers, including six vessels to be acquired in the first half of 2015. Teekay Tankers’ Class A common stock is listed on the New York Stock Exchange under the symbol “TNK”. The joint book running managers for this offering are Morgan Stanley, BofA Merrill Lynch and Credit Suisse. When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014-4606; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, e-mail: dg.prospectus_requests@baml.com; or Credit Suisse, Attn: Prospectus Department, Eleven Madison Avenue, New York, New York 10010-3629, Tel: (800) 221-1037. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This offering may be made only by means of a prospectus supplement and accompanying base prospectus. The statements in this news release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, but are not limited to, those discussed in Teekay Tankers’ public filings with the SEC. Teekay Tankers undertakes no obligation to revise or update any forward-looking statements unless required to do so under the securities laws.