GOGL - Announcement of commencement of USD 60 million equity offering
(Thomson Reuters ONE) -
Golden Ocean Group Limited (NASDAQ and OSE: GOGL) ("Golden Ocean" or "the
Company") today announced that it has commenced an equity offering (the
"Offering") for issue of new shares (the "New Shares") for gross proceeds of the
NOK equivalent of approximately USD 60 million. The Company has engaged DNB
Markets Inc. and ABN AMRO Securities (USA) LLC (the "Managers") as placement
agents in connection with the Offering.
The Offering will be directed towards certain Norwegian and international
institutional investors subject to applicable exemptions from European
prospectus requirements. The minimum application and allocation amount has been
set to the NOK equivalent of EUR
100,000, provided that the Company reserves the right to, at its sole
discretion, allocate lower amounts to investors that qualify as "professional
investors" pursuant to the Norwegian Securities Trading Act and ancillary
regulations.
We intend to use the net proceeds of this offering to partially pre-pay debt
under the new loan agreements we expect to enter into in connection with the
acquisition of fourteen vessels from Quintana Shipping Ltd., as previously
announced, in an amount of approximately $17.4 million, and to use the balance
for general corporate purposes in subsidiaries non-recourse to the Company.
The subscription price and number of shares issued in the Offering will be
determined through an accelerated bookbuilding process. The bookbuilding period
will start March 14, 2017 at 4:00 pm EST and 21:00 pm CET and are expected to
end at March 15, 2017 at 3:00 am EST and 08:00 am CET. The Company reserves the
right to close or extend the bookbuilding period at any time in its sole
discretion, at short notice.
The Managers have prior to the launch of the Offering received significant
indications of interest from investors to subscribe in the Offering for an
amount well exceeding the transaction size of USD 60 million.
The allocation of New Shares in the Offering will be made at the discretion of
the Company in consultation with the Managers, on or about March 15, 2017,
subject to any shortening or extension of the application period.
Subject to full payment of the New Shares, the New Shares allocated in the
Offering are expected to be delivered to the subscribers in the Offering on or
about March 17, 2017 and to be registered in the Norwegian Central Securities
Depository (VPS) with the Company's ISIN BMG396372051 and commence to trade
under the Company's ordinary trading symbol "GOGL" and become tradable on the
Oslo Stock Exchange and the NASDAQ on or about March 17, 2017.
Important Information for Investors and Shareholders
This offering will be made only by means of an application agreement, a term
sheet and a prospectus supplement and accompanying base prospectus. A prospectus
supplement related to the offering has been filed with the U.S. Securities and
Exchange Commission (the "SEC") and is available on the SEC's website located at
www.sec.gov. Copies of the prospectus supplement and the accompanying base
prospectus relating to this offering may be obtained from contacting DNB Markets
Inc. at 200 Park Ave, Floor 31, New York, NY 10166, telephone:
+1 212 681 3800.This offering will be made pursuant to the Company's existing
shelf registration statement on Form F-3 (Registration No. 333-211365)
previously filed with the SEC and declared effective.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy these securities, nor shall there be any sale of these
securities, in any state or other jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
March 14, 2017
Hamilton, Bermuda
Golden Ocean Group Limited
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, which 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. Words such as "believe", "anticipate", "intends",
"estimate", "forecast", "project", "plan", "potential", "may", "should",
"expect", "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions. 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. The information set forth herein
speaks only as of the date hereof, and we disclaim any intention or obligation
to update any forward-looking statements as a result of developments occurring
after the date of this communication.
In addition to these important factors and matters discussed elsewhere herein,
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, fluctuations in currencies and interest rates,
general market conditions, including fluctuations in charter hire rates and
vessel values, changes in demand in the dry bulk market, 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, political events or acts by terrorists, and other important
factors described from time to time in the reports filed by the Company with the
Securities and Exchange Commission.
This information is subject to the disclosure requirements of section 5-12 of
the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Golden Ocean Group Limited via GlobeNewswire
Datum: 14.03.2017 - 21:19 Uhr
Sprache: Deutsch
News-ID 530197
Anzahl Zeichen: 7429
contact information:
Town:
Hamilton
Kategorie:
Business News
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