NAT launches IPO

Dec 15 2017


Nordic American Tankers (NAT) has announced an underwritten public offering of $100 mill of its common shares as part of its re-capitalisation programme.

NAT said that, at its request, the underwriters have reserved for sale a total of around $1.2 mill of its common shares for certain members of its board of directors, management and advisors, which includes around $1 mill to be purchased by the company’s chairman and CEO.

 

The company also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the offering.

 

NAT said it intended to use the net proceeds of this offering, together with proceeds from recapitalisation transactions, primarily to repay outstanding amounts under its current credit facility, finance the expansion of its fleet and for general corporate purposes.

 

Also as part of its re-capitalisation scheme, in early December, 2017, NAT agreed to sale and leaseback of three newbuild Suezmaxes to be delivered in 2018 to Ocean Yield.

 

Aker Group of Norway was behind this arrangement, the company said. In addition, DnB of Norway and SEB of Sweden, established guarantee provisions related to the NAT’s recapitalisation.

 

 



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