Teekay Corporation announced that it has commenced a cash tender offer to purchase any and all of its outstanding 5.0% Convertible Senior Notes due 2023. The Tender Offer will expire at 12:00 midnight, New York City time, on February 9, 2022 (one minute after 11:59 p.m., New York City time, on February 8, 2022), or any other date and time to which the Company extends the Tender Offer (such date and time, as it may be extended, the Expiration Time). The Tender Offer is made pursuant to an Offer to Purchase dated January 10, 2022, which sets forth the terms and conditions of the Tender Offer.

The consideration to be paid for each $1,000 principal amount of Notes that are validly tendered and not validly withdrawn on or prior to the Expiration Time is $1,020, plus accrued and unpaid interest on the Notes, if any, from the last interest payment date up to, but not including, the Settlement Date. The Company will purchase any and all Notes that have been validly tendered at or prior to the Expiration Time and accepted for purchase, subject to all conditions to the Tender Offer having been either satisfied or waived by the Company, promptly following the Expiration Time (the date of such acceptance and purchase, the Settlement Date). The Settlement Date is expected to occur within two business days following the Expiration Time, assuming the conditions to the Tender Offer have been either satisfied or waived by the Company at or prior to the Expiration Time.

The Company expects to fund purchases of Notes tendered in the Tender Offer with available cash and proceeds from the acquisition by merger of Teekay LNG Partners, L.P., a subsidiary of the Company, by an affiliate of Stonepeak, which transaction is expected to close on or about January 13, 2022 (the Teekay LNG Merger). The closing of the Teekay LNG Merger is a condition to the closing of the Tender Offer.