Nordic American Tankers Limited (NYSE:NAT) Announces Pricing of Follow-On Offering
(Thomson Reuters ONE) -
Hamilton, Bermuda, November 22, 2013
Nordic American Tankers Ltd. (the "Company") today announced the pricing of its
previously announced underwritten public offering. The Company agreed to sell
8,125,000 common shares at a public offering price of $8.00 per share. 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 is expected to purchase 250,000 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. 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 1,218,750 common
shares. The Company expects to close the sale of the common shares on November
27, 2013, subject to customary closing conditions.
The Company intends to use the net proceeds of this offering primarily to
finance its investment in Nordic American Offshore Ltd. ("NAO"). NAO is an
independent company from Nordic American Tankers that will initially own six
platform supply vessels built in 2012 and 2013 by the Ulstein Group in Norway.
One objective of the NAT investment in NAO is to enable NAT to pay a higher
dividend to NAT shareholders than otherwise would be the case.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy securities and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
The offering is being made by means of a prospectus and related prospectus
supplement. A prospectus supplement related to the offering will be filed with
the Securities and Exchange Commission. When available, copies of the prospectus
and prospectus supplement relating to the offering may be obtained from the
offices of Morgan Stanley & Co. LLC at 180 Varick Street, Second Floor, New
York, New York 10014, Attention: Prospectus Department.
About the Company
The Company is an international tanker company that owns 20 double-hull Suezmax
tankers.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business. Forward-
looking statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The words
"believe," "anticipate," "intend," "estimate," "forecast," "project," "plan,"
"potential," "will," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections. We undertake no obligation to
update any forward-looking statement, whether as a result of new information,
future events or otherwise.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
fluctuations in charter 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 our operating expenses, including
bunker prices, drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, 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, vessel breakdowns and instances of off-hire, failure on the
part of a seller to complete a sale of a vessel to us and other important
factors described from time to time in the reports filed by the Company with the
Securities and Exchange Commission, including the prospectus and related
prospectus supplement, our Annual Report on Form 20-F, and our reports on Form
6-K.
The Company has filed a registration statement (including a prospectus) with the
Securities and Exchange Commission (SEC) for the offering to which this
communication relates. Before you invest, you should read the prospectus in that
registration statement, the preliminary prospectus supplement relating to this
offering and other documents the Company has filed with the SEC for more
complete information about the Company and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, copies may be obtained from Morgan Stanley & Co. LLC at 180
Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus
Department. You may also request a copy of these documents by sending an e-mail
to ir(at)nat.bm.
Contacts:
Scandic American Shipping Ltd
Manager for:
Nordic American Tankers Limited
P.O Box 56, 3201 Sandefjord, Norway
Tel: + 47 33 42 73 00 E-mail: nat(at)scandicamerican.com
Jacob Ellefsen,
Manager, Investor Relations and Research, Monaco
Nordic American Tankers Limited
Tel: + 377 93 25 89 07 or + 33 678 631 959
Rolf Amundsen, Advisor, Norway
Nordic American Tankers Limited
Tel: +1 800 601 9079 or + 47 908 26 906
Turid M. Sørensen, EVP & CFO, Norway
Nordic American Tankers Limited
Tel: +47 33 42 73 00 or +47 90 57 29 27
Gary J. Wolfe
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223
Press release (PDF):
http://hugin.info/201/R/1745199/587379.pdf
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: Nordic American Tankers Limited via Thomson Reuters ONE
[HUG#1745199]
Unternehmensinformation / Kurzprofil:
Datum: 22.11.2013 - 15:08 Uhr
Sprache: Deutsch
News-ID 319561
Anzahl Zeichen: 8022
contact information:
Town:
Hamilton
Kategorie:
Business News
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