Nordic American Tankers Limited announces pricing of follow-on offering
Nordic American Tankers Ltd. today announced that its follow-on offering of 9.75 million common shares has been priced at $9.60 per share, said in the company's press release. The common shares are being offered pursuant to the company's effective shelf registration statement. The company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson purchased 156,250 common shares in the offering on the same terms as other investors. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and DNB Markets Inc., Skandinaviska Enskilda Banken AB and Pareto Securities Inc. are acting as co-managers of the offering. The company has granted the underwriters a 30-day option to purchase up to an additional 1,462,500 common shares. The company expects to close the sale of the common shares on April 5, 2013, subject to customary closing conditions.
The net proceeds of the offering are expected to be used to pay for acquisitions under our expansion program, including the Nordic Future, and for general corporate purposes. The company's current fleet consists of 20 double-hull Suezmax tankers. In addition we have entered into a preliminary agreement to acquire a modern double-hull Suezmax tanker, the Nordic Future, which is expected to be delivered no later than May 2013. The company is reviewing other possible acquisitions of vessels which could take place in the near future.
Nordic American Tankers is an international tanker company that owns 20 modern double-hull Suezmax tankers. In addition we have entered into a preliminary agreement to acquire a modern double-hull Suezmax tanker, the Nordic Future, which is expected to be delivered no later than May 2013.
