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Altera Infrastructure L.P, 8.875% Series E Fixed/Float Cumul Red Perp Prfd Units
Ticker Symbol: ALIN-E* CUSIP: Y8565J176 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/09/2023
Security's Distribution is Suspended!
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Altera Infrastructure L.P. formerly Teekay Offshore Partners L.P., 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25 per unit, redeemable at the issuer's option on or after 2/15/2025 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 8.875% per annum ($2.21875 per annum or $0.5546875 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date that will be the fifth business day immediately preceding the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From and including 2/15/2025, the distribution rate will be a floating rate equal to three-month LIBOR plus a spread of 640.7 basis points per annum. Dividends paid by these preferred units are generally eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see the prospectus for extensive further information starting at page S-90). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common units of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (TOO*)
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Notes: August 15, 2022 -- Altera Infrastructure L.P. and certain of its subsidiaries (“Altera”), one of the world’s leading suppliers of infrastructure assets to the offshore energy industry, announced today that it has executed a Restructuring Support Agreement (the “RSA”) with approximately 71% of Altera’s funded debt obligations, which includes Brookfield and a super-majority of its bank lenders. All in, the RSA has been signed, or agreed to in principle, by holders of 80% of its funded debt obligations, which includes approximately 91% of its bank lenders pending certain creditors’ internal credit approval processes. The terms of the RSA establish the framework for a consensual and comprehensive financial restructuring that will deleverage Altera’s balance sheet and best position Altera for long-term growth and success. To implement the balance-sheet restructuring, Altera has commenced a Chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas. July 29, 2021 (GLOBE NEWSWIRE) -- The board of directors of Altera Infrastructure GP LLC (Altera GP), the general partner of Altera Infrastructure L.P. (Altera or the Partnership), today announced a series of measures to improve the Partnership’s maturity profile and enhance its liquidity and financial flexibility. As part of these measures, the Partnership has taken the following actions:
Entered into an agreement with Brookfield Business Partners L.P., and certain of its affiliates and institutional partners (collectively, "Brookfield") to exchange at par approximately $700 million of indebtedness in Altera GP with maturities ranging from 2022 to 2024 (including $411 million of Altera’s 8.5% Senior Notes due 2023 (the "Notes") held by Brookfield) for 11.5% Senior Secured PIK Notes due 2026 and commenced an exchange transaction relating to the $276 million of Notes held by non-Brookfield parties.
Suspended the payment of quarterly cash distributions on the Partnership’s outstanding 7.25% Series A Cumulative Redeemable Preferred Units (the “Series A Units”), 8.50% Series B Cumulative Redeemable Preferred Units (the “Series B Units”) and 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series E Units” and, together with the Series A Units and Series B Units, the “Preferred Units”) commencing with the distributions payable with respect to the period of May 15, 2021 to August 14, 2021. All distributions on the Preferred Units will continue to accrue and must be paid in full before distributions to Class A and Class B common unitholders can be made. No distributions on the Preferred Units will be permitted without noteholder consent while the new PIK notes issued in the exchange transactions described above remain outstanding. March 24, 2020 -- Teekay Offshore Partners L.P. (the “Partnership”) changed its name to Altera Infrastructure L.P. In addition, effective March 24, 2020, the Partnership’s Series A Preferred Units, Series B Preferred Units and Series E Preferred Units, which traded on the New York Stock Exchange (the “NYSE”) under the ticker symbols “TOO-A”, “TOO-B” and “TOO-E”, will trade on the NYSE under the new ticker symbols “ALIN-A”, “ALIN-B” and “ALIN-E”, respectively. _________________ Jan. 23, 2020 -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) announced that, effective January 22, 2020, Brookfield Business Partners L.P., together with certain of its affiliates and institutional partners (collectively, the Brookfield Consortium), has completed its acquisition by merger (the Merger) of all of the outstanding publicly held and listed common units representing limited partner interests of the Partnership (common units) held by parties other than the Brookfield Consortium (unaffiliated unitholders) pursuant to the agreement and plan of merger (the Merger Agreement) among the Partnership, Teekay Offshore GP L.L.C. (TOO GP), the general partner of the Partnership, and certain members of the Brookfield Consortium. The Partnership also announced today certain changes to the Board of Directors and that following the closing of the Merger and the completion of the Partnership’s separation from Teekay Corporation, the Partnership plans to change its name to Altera Infrastructure L.P. and to rebrand its consolidated group of companies under the new umbrella of Altera Infrastructure. Teekay Offshore’s preferred units continue to trade on the New York Stock Exchange under the symbols “TOO PR A”, “TOO PR B” and “TOO PR E”, respectively.
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IPO - 1/16/2018 - 4.60 Million Units @ $25.00 /unit.
Link to IPO Prospectus
Previous Ticker Symbol: TOO-E Changed: 3/24/2020
Previous Name: Teekay Offshore Partners Changed: 3/24/2020
Market Value $115.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Foreign Address and Phone Numbers |
| Address: 4th floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda |
| Main Phone Number |
441-298-2530 |
| Fax Number |
441-292-3931 |
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Inv Rel Phone Number
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+47 97 05 25 33 |
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