In International Shipping News 30/09/2016
Nordic American Tankers Limited announced that, in connection with its previously announced public offering of 11,000,000 common shares at a public offering price of $10.00 per share, the underwriters exercised in full the option granted to them by the Company and purchased an additional 1,650,000 common shares on the same terms on which the 11,000,000 common shares were sold to the underwriters. At the Company’s request, the underwriters have sold an aggregate of 534,000 common shares in this offering to all of the members of the Company’s board of directors, certain members of the Company’s management, and all of the Company’s advisors at the public offering price. The Company also announced that the closing of the follow-on offering and the closing of the option to purchase additional shares took place simultaneously today. The common shares were offered pursuant to the Company’s effective shelf registration statement.
As previously announced, the Company intends to use the net proceeds of this offering primarily to finance the expansion of its fleet beyond 30 vessels and for general corporate purposes. Immediately following the offering, the Company may use the proceeds of this offering to repay borrowings under its revolving credit facility pending application towards other uses.
Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as co-managers of the offering.
Source: Nordic American Tankers Limited
