Shuttle tanker owner Teekay Offshore Partners has finished its bond buyback with a spend of $222m.
The company had offered to acquire its outstanding $300m issue due in 2019, which carried interest of 6%.
It was buying the notes back as part of a new $700m bond series at the same time as a key strategic investor upped its holding in the company.
It agreed to pay NOK 1,020 ($126) per bond, or 102% of par value.
The Ingvild Saether-led company had increased its recent issue of 8.5% bonds due 2023 from $500m to $700m.
Investor Brookfield has agreed to buy $500m.
The investor, which injected $640m into the shipowning company last year, has added an extra 2% to its holding in the company's general partner - swelling its stake to 51%.
