TEEKAY SHIPPING TO RAISE $125 MILLION

TEEKAY SHIPPING TO RAISE $125 MILLION    Teekay Shipping Corp., one of the major tanker shipping groups listed on the New York Stock Exchange, is planning to raise $125 million by issuing so-called premium equity participating security units.
   The offering will consist of 5 million units with a stated amount of $25. Each unit will include a purchase contract under which the buyer will agree to purchase shares of Teekay’s common stock on Feb. 16, 2006. Each unit will also contain a $25 principal amount, subordinated Teekay note due May 18, 2006.
   Teekay said that it may use the proceeds from the offering to finance potential acquisitions and for general corporate purposes, including capital expenditures, working capital, and the repayment of debt.
   With its main operating office in Vancouver, Canada, Teekay employs more than 4,100 seagoing and shore-based staff worldwide.