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Moody’s Gives B2 to Teekay’s Add-On Notes

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first_imgzoom Moody’s Investors Service assigned a B2 rating to the USD 200 million add-on to Teekay Corporation’s (Teekay) existing 8.5% senior unsecured notes due 15 January 2020.The add-on notes are being issued under a supplement to the indenture of the 8.5% Notes and have the same terms, conditions and maturity date.Teekay intends to use the net proceeds to repay a portion of indebtedness outstanding under its USD 500 million revolving credit facility and the balance to replenish cash reserves used to repay the outstanding principal balance of Teekay’s NOK Bonds that matured in October 2015.According to Moody’s, the Corporate Family rating of Teekay is B1. The rating outlook is stable.“The B1 Corporate Family rating reflects Teekay’s leading position, through its subsidiaries that it controls, as a provider of maritime transportation of oil, gas and refined petroleum products, and an operator of FPSOs (floating production, storage and off-take units),” Moody’s said.Moody’s believes that the long-term contracts on the majority of the Teekay family’s LNG and non-conventional tankers offset the highly leveraged profile of the company.Given this, Moody’s expects that the cash flows to the parent can continue in upcoming years, as majority of the company’s offshore vessels are tied to production rather than exploration, lowering market risk relative to service-providers to oil exploration operations.The B1 Corporate Family rating also reflects Moody’s expectation that Teekay Parent will strengthen its stand-alone credit profile via sale of its remaining three FPSOs, together with the debt secured by these vessels, to Teekay Offshore Partners by the end of 2017.Elimination of this debt from the parent’s balance sheet is expected to occur, either by pay off with sale proceeds or transfer to Teekay Offshore. Parent debt at 30 September 2015 stood at about $1.0 billion, following the sale of the Knarr FPSO in July 2015.“Parent debt is about $200 million higher than Moody’s anticipated because Teekay Parent took more equity in place of cash than expected when dropping down the vessel to Teekay Offshore. Teekay Parent will have no remaining operating assets following the disposal of the one Very Large Crude Carrier and FPSOs that it owns,” Moody’s said.As explained by the rating agency, the B1 rating anticipates that Teekay Parent will maintain adequate liquidity and no longer use its balance sheet to directly invest in new projects or vessels. Repayment of secured debt with vessel sale proceeds will further reduce funded debt, lending additional support to the B1 rating.Moody’s foresees no upwards pressure on the ratings during the next few years.“A negative rating action could follow if Teekay Parent does not fully transfer or repay the secured debt associated with each of its vessels upon their disposal. While not expected, a decline of more than USD 40 million in the annual distributions received by Parent could pressure the rating as could another increase in funded debt should Parent unexpectedly directly invest in growth projects. A reduction in Parent’s unrestricted cash to below $125 million or the inability of Parent or a subsidiary to timely refinance upcoming debt maturities could also lead to a negative rating action,” Moody’s adds.last_img read more

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UN launches into World Space Week highlighting contributions of space science to

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“Effective satellite navigation benefits users worldwide. While many of us are familiar with satellite navigation systems for cars, this is just one of the many applications of this technology,” said the Director-General of the UN Office at Vienna (UNOV), Yury Fedotov, at the presentation of the satellite model. “Satellite navigation-related technology supports many civil, scientific and commercial functions,” he added. “It is widely used in the areas of telecommunications, transportation, meteorology and disaster forecasting.”Thanking Russia’s Permanent Representative to the United Nations in Vienna, Ambassador Vladimir Voronkov, and along with Anatoly Shilov, the Deputy Head of the Russian Federal Space Agency – known as Roscosmos – Mr. Fedotov unveiled the Global Navigation Satellite System (GLONASS) satellite model at the permanent Space Exhibit of the UN Vienna International Centre, in Austria.Director-General of the UN Office at Vienna Yury Fedotov (right) points to the navigation satellite model donated by Russia. UN PhotoThe donation of the satellite came on the first day of World Space Week, the largest annual space event in the world. Observed during the week of 4-10 October, the General Assembly proclaimed World Space Week in 1999, to celebrate the contributions of space science and technology to the betterment of the human condition.The dates recall the launch, on 4 October 1957, of the first artificial satellite, Sputnik I, and the entry into force, on 10 October 1967, of the Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space including the Moon and Other Celestial Bodies.“This Week has become a world-wide celebration of science and technology, and their contribution to the betterment of the human condition,” said the Director of the UN Office for Outer Space Affairs (UNOOSA), Mazlan Othman.“UNOOSA, together with its partners,” she added, “has been working to bring the benefits of space to Earth, to make the seemingly remote and abstract world of outer space of concrete use to people worldwide.”In a message for the Week, the UNOOSA chief said that coupled with advances made in other fields of science and technology, space science and technology and their applications offer a wide range of specific tools and solutions that can enable and support States in overcoming obstacles to sustainable development.“To be able to benefit from all aspects of science and technology, space science and technology represent a vital component and thus it is very important to have a well-planned space and educational programme tailored to meet the requirements according to the resources available,” she said.UNOOSA, together with the International Astronomical Union, is organizing a capacity-building workshop on astronomy for secondary teachers in Ethiopia, in cooperation with the Ethiopian Space Science Society, which will be held in the African country’s capital, Addis Ababa, next week. A similar workshop was held in 2011 in Bangladesh. The aim of the workshops is to enhance capacity of secondary school teachers in their teaching of basic and modern astronomy and introducing it to the school curricula. The workshops cover basic and modern astronomy, including hands-on sessions with access to the telescope. “UNOOSA supports countries in their actions and programmes aimed at attracting young people to this field by making them aware of the importance of space science, technology and applications and, in doing so, inspire the future generations to pursue careers in science, technology, engineering and mathematics,” Ms. Othman said. In addition to the GLONASS satellite model on show at the permanent Space Exhibit in Vienna, UNOOSA is displaying, during World Space Week, a series of images taken by a fleet of Earth-observing satellites that form part of the so-called Landsat programme, which celebrates its 40th anniversary this year. Landsat monitors changes caused by natural processes and human practices, for example marine algal blooms and desertification, and is managed jointly by the National Aeronautics and Space Administration (NASA) and the US Geological Survey. read more

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