Teekay Offshore Partners plans to offer 6.5 million common units, representing limited partner interests, in a public offering, the Bermuda-based tanker operator announced on Wednesday.

Teekay Offshore expects to grant the underwriters a 30-day option to purchase an additional 975,000 common units to cover over-allotments, if any.

The partnership expects to use the net proceeds from the public offering to repay amounts outstanding on one of its revolving credit facilities.

Teekay Offshore Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation. Teekay Offshore currently owns a 51 percent interest in and controls Teekay Offshore Operating L.P., which has a fleet of 33 shuttle tankers (eight of which are chartered-in), four floating storage and offtake (FSO) units and 11conventional crude oil Aframax tankers. The Partnership also has direct ownership interests in two shuttle tankers and one FSO.