Nordic American Tankers Limited (NYSE:NAT) Announces
Pricing of Follow-On Offering
Hamilton, Bermuda, April 7, 2014
Nordic American Tankers Ltd. (the "Company") today announced the pricing of its previously announced underwritten public offering for 10,000,000 common shares. Because of strong demand the Company agreed to upsize the offering to 12,000,000 common shares at a public offering price of $8.62 per share. The common shares are being offered pursuant to the Company's effective shelf registration statement Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and Global Hunter Securities, LLC is acting as co-manager of the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 common shares. The Company expects to close the sale of the common shares on April 11, 2014, subject to customary closing conditions.
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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.
Nordic American Tankers Limited (NYSE:NAT) Announces Public Offering
Hamilton, Bermuda, April 7, 2014
Nordic American Tankers Limited (the "Company") today announced an underwritten public offering of 10,000,000 common shares pursuant to the Company's effective shelf registration statement. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and Global Hunter Securities, LLC is acting as co-manager of the offering. The Company also intends to grant the underwriters a 30-day option to purchase additional common shares representing up to 15% of the offered shares.
The investors participating in this offering are entitled to a dividend of $0.23 per share. This dividend was announced April 2, 2014 and is payable to shareholders of record as of May 15, 2014.
The Company intends to use the net proceeds of this offering primarily to finance the acquisition of potentially two to four vessels, depending on the age of the vessels, and general corporate purposes.
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. 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.
Nordic American Tanker Shipping Ltd., press release