VLCCF - Announces Public Offering
(Thomson Reuters ONE) -
Knightsbridge Tankers Limited Announces Public Offering
Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") (Nasdaq:VLCCF)
announced today an underwritten public offering (the "offering") of
4,250,000 common shares. The common shares are being offered pursuant to the
Company's effective shelf registration statement. The proceeds of the offering
are expected to be used to repay indebtedness, fund a portion of the purchase
price for a newbuilding Capesize drybulk carrier, the Golden Zhejiang that the
Company has agreed to acquire from Golden Ocean Group Limited, or Golden Ocean,
subject to certain conditions. The remainder of the net proceeds are expected to
be used to fund future vessel acquisitions, for working capital and for general
corporate purposes.
As part of the vessel acquisition, the Company expects to issue to Golden Ocean
restricted common shares, based on the public offering price of common shares
sold in the offering, with an aggregate value of approximately $18.5 million.
The agreement to acquire the Golden Zhejiang is subject to conditions, including
the completion of definitive documentation and customary closing conditions, the
successful completion of the offering and the refinancing of the Company's
amended credit facility with Nordea Bank Norge ASA, or Nordea, for which the
Company has obtained commitment letter from Nordea.
BofA Merrill Lynch is acting as the bookrunning manager and DnB NOR Markets and
Nordea Markets are acting as co-managers for the offering. The Company expects
to grant the underwriters a 30-day option to purchase up to 637,500 additional
shares to cover overallotments.
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 BofA Merrill Lynch at 4 World Financial Center, New York, New York
10080, Attention: Preliminary Prospectus Department or by email at
dg.prospectus_requests(at)baml.com.
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.
Knightsbridge 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," "intends," "estimate," "forecast," "project," "plan,"
"potential," "will," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this document 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.
In addition to these important factors, 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 charterhire
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 Knightsbridge's operating expenses, including bunker prices,
drydocking and insurance costs, the market for Knightsbridge's 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, and other important factors described from time to time in the
reports filed by Knightsbridge with the Securities and Exchange Commission.
The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
September 27, 2010
Questions should be directed to:
Contact:
Ola Lorentzon: Chairman and Chief Executive Officer, Knightsbridge Tankers
Limited
+ 46 703 998886
Inger M. Klemp: Chief Financial Officer, Knightsbridge Tankers Limited
+47 23 11 40 76
[HUG#1447165]
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: Knightsbridge Tankers Limited via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.09.2010 - 22:01 Uhr
Sprache: Deutsch
News-ID 43101
Anzahl Zeichen: 0
contact information:
Town:
Hamilton
Kategorie:
Business News
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"VLCCF - Announces Public Offering"
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