Teekay Offshore Partners LP - 2016-06-17

Entered into binding agreements to issue equity securities through two private placements. $100 million of 10.5% Series D preferred units will be issued to a group of investors who will receive warrants with a seven-year term. The Series D units are exchangeable into common units. $100 million of common units will also be issued to a group of investors, priced at $4.55 each. Both issuances will close on June 30. Net proceeds will support general partnership purposes.