Tanker titan Teekay has announced it has cancelled $57.8m of its 8.32% first preferred ship mortgage notes.
The Vancouver-based company said the cancellation effectively satisfied all the 2008 and a portion of the 2007 sinking fund payments related to the notes. Around $167.2m of the 8.32% notes remain outstanding.
In February next year Teekay will also use cash to satisfy a $45m sinking fund applicable to the notes.
