Nordic American Tankers Major Public Offering
Bermuda-incorporated Nordic American Tankers [NAT] announced plans to pursue a public offering in which it intends to offload roughly $87m worth of shares.
“The net proceeds of the offering are expected to be used to pay for acquisitions under our expansion programme, including the Nordic Future, and for general corporate purposes,” said the shipping firm.
In a statement NAT noted chairman and chief executive Herbjorn Hansson expects to shell out $1.5m of his own money to participate in the fundraiser on the same terms as other investors.
Morgan Stanley will serve as bookrunning manager for the offering while DNB Markets, Skandinaviska Enskilda Banken and Pareto Securities were chosen to act as co-managers.
If all goes according to plan, NAT says the underwriters will be given a 30-day option to purchase an additional $13.05m worth of shares.
Incorporated in Bermuda in 1995, NAT maintains offices on the island and in Norway where it oversees a fleet of 20 suezmax tankers. In addition, it recently struck a deal to acquire what many believe to be the 157,400-ton “Almi Sun” for an estimated $55 million.
