Teekay Corporation (NYSE:TK) Q3 2023 Earnings Call Transcript

Stewart Andrade: So this quarter, we repurchased four vessels, which were on sale-leaseback for about $57 million. Those have been on leases, which were at LIBOR plus or SOFR plus 285. And we have eight vessels that we can repurchase in Q1 of next year the purchase option price on those is about $137 million and those are currently on at SOFR plus 275. So about — both of those were effectively 8.4% interest we were paying on those. So that’s what we’ll be — that’s what we purchased back and we’ll be purchasing back in Q1. So all told, for 2019 — or for 2023 and Q1 of 2024, that’ll be a total of $532 million of leases that we will have bought back and that’s probably in the neighborhood of about $20 million a year interest savings in terms of the optimization from doing that instead of carrying those leases.

Operator: And there are no further questions at this time. I would like to turn the conference back to you for any additional or closing remarks.

Kevin Mackay: Thank you for joining us today. And we look forward to speaking to you next quarter.

Operator: This concludes today’s call. Thank you for your participation. You may now disconnect.