FRNT - Completed Private Placement
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Frontline 2012 Ltd. ("Frontline 2012" or the "Company") is pleased to announce
that it has completed a private placement of 56,000,000 new ordinary shares of
USD 2.00 par value at a subscription price of USD 3.75, raising USD 210 million
in gross proceeds to the Company (the "Private Placement").
Frontline 2012 has concluded an agreement to acquire a total of 16 firm
newbuilding contracts and eight fixed price optional contracts. These
newbuilding contracts are within the crude and product markets and are arranged,
financed and entered into by the Company's major shareholder Hemen Holding, with
a total contract value of USD 578 million. Hemen will remain responsible for the
performance guarantees towards the yards on these contracts.
The proceeds from the Private Placement will be used to fund the purchase of the
abovementioned 16 newbuilding contracts and also to finance further growth.
Frontline 2012 is currently in specific discussions regarding a further material
increase of the newbuilding program. A finalization of this is expected within
the next 30 - 60 days.
Hemen Holding Ltd., including related parties, has invested USD 120 million in
the private placement.
RS Platou Markets AS, Arctic Securities AS, DNB Markets, and Carnegie ASA have
acted as joint lead managers and book-runners for the Private Placement.
The Board of Directors
Frontline 2012 Ltd.
Hamilton, Bermuda,
May 28, 2012
For further information, please contact:
Jens Martin Jensen: Chief Executive Officer, Frontline Management AS
+47 23 11 40 99
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76
Forward Looking Statements
This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including Frontline 2012 Ltd's management's examination of
historical operating trends. Although Frontline 2012 Ltd believes that these
assumptions were reasonable when made, because assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond its control, Frontline 2012 cannot give
assurance that it will achieve or accomplish these expectations, beliefs or
intentions.
Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Frontline 2012 Ltd. via Thomson Reuters ONE
[HUG#1615426]
Datum: 29.05.2012 - 08:55 Uhr
Sprache: Deutsch
News-ID 150569
Anzahl Zeichen: 4406
contact information:
Kategorie:
Business News
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"FRNT - Completed Private Placement"
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