Teekay Offshore Partners is aiming to sell $115m in new shares.
The company said it will sell 4.6 million of its 8.875% series E preferred units at $25 per share.
The New York-listed company, a subsidiary of Kenneth Hvid-led Teekay Corp, said it intends to grant underwriters a 30-day option to buy 690,000 additional shares from the partnership.
The company announced the offering earlier today, without disclosing financial details.
