Cadeler and Eneti Announce Launch of Share Exchange Offer
Cadeler A/S and Eneti Inc., two offshore wind turbine and foundation installation companies, have announced the commencement of a share exchange offer for all the outstanding shares of common stock of Eneti.The offer is being made pursuant to the Business Combination Agreement, announced on June 16, 2023. The offer is expected to close within Q4 2023.The combined group will be named Cadeler, and be headquartered in Copenhagen, Denmark, with its shares to be listed on the New York…
Cadeler and Eneti Agree to Merge
Offshore wind turbine and foundation installation companies Cadeler and Eneti announced they have agreed to merge through a stock-for-stock exchange.The combined company will be named Cadeler, headquartered in Copenhagen, Denmark, with its shares to be listed on the New York Stock Exchange (NYSE) in addition to its current listing on the Oslo Stock Exchange (OSE) with a proforma market capitalization in excess of €1.2 billion. The combined group will operate four vessels on water today and six large-scale state-of-the-art new builds scheduled for delivery from 2024 to 2026.
Oil Tanker Groups Frontline and Euronav Scrap $4.2 Billion Merger
Oil tanker company Frontline said on Monday a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination which would have created the world's largest publicly listed tanker company.Frontline will not make a voluntary conditional exchange offer for Belgian oil tanker and storage operator Euronav's shares and will no longer seek a listing on Euronext Brussels, it said in a statement."We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company," Chief Executive Lars Barstad said.The two companies announced the deal last year, aiming to create a market-leading oil tanker group with 146 vessels.
Noble Corp. Shareholder to Vote Against Maersk Drilling Merger
Following the announcement of a proposed merger between offshore drillers Maersk Drilling and Noble Corporation on Wednesday, a Noble shareholder said it would vote against the deal.The combination is a primarily all-stock transaction where the shares of the combined company will be distributed equally between the current shareholders of Noble and Maersk Drilling.The transaction is planned to be implemented through an English incorporated holding company, which will make a voluntary tender exchange offer to the shareholders of Maersk Drilling. The tender exchange offer will allow Maersk Drilling’s shareholders to exchange each Maersk Drilling share for 1.6137 shares in the new holding company.The two drillers said that the proposed transaction completion was targeted to close in mid-2022…
Paragon Sells Ships, Defer Deliveries
The dry bulk operator Paragon Shipping has reached an agreement with its creditors to liquidate its remaining fleet in order to settle one of its debt obligations. The company agrees to sell its six mortgaged vessels to unaffiliated third parties in exchange for the full and final settlement of the outstanding amount of its syndicated loan facility. "The fleet, consisting of the handysize and panamax bulkers Coral Seas, Golden Seas, Prosperous Seas, Precious Seas, Priceless Seas and Proud Seas, is to be sold to unnamed, unaffiliated third parties," Paragon said. Paragon also says it is in talks with Jiangsu Yangzijiang to extend the deliveries of its three Kamsarmax newbuilding drybulk carriers towards the end of 2016 at no extra cost to the company.
Euronav NV IPO in the US
Euronav NV announced today the upsizing and pricing of its initial public offering in the United States. The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares at an issue price per share of USD 12.25 for gross base proceeds of USD 199,185,000. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,439,000 ordinary shares. The Company’s ordinary shares offered in the United States are expected to commence trading on the New York Stock Exchange (the “NYSE”) today under the ticker symbol “EURN.” This offering is expected to close on January 28, 2015, subject to the satisfaction of customary closing conditions.
Foster Wheeler To Delist From NASDAQ
Foster Wheeler AG announced today that it intends to voluntarily delist the registered shares of the Company, par value CHF 3 per share, from the NASDAQ Global Select Market (“NASDAQ”) and, provided that the requirements for deregistration are met, in due course, it intends to subsequently deregister the Shares under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company also intends to suspend its reporting obligations under the Exchange Act once it is eligible to do so. As previously disclosed, pursuant to the Implementation Agreement dated 13 February 2014, by and between Amec Foster Wheeler plc (formerly AMEC plc) (“Amec Foster Wheeler”) and the Company (as amended by the letter agreement dated 28 March 2014…
Nordic American Offshore: Results of Exchange Offer
Nordic American Offshore Ltd. (NAO) have announced the expiration and results of its offer to exchange unregistered common shares that it issued in its prior equity private placement in November 2013. As of 5:00 p.m. New York City time (11:00 p.m. Oslo Time) on Thursday, July 17, 2014, at which time the Exchange Offer expired, there have been 11,478,478 Original Shares validly tendered, and not withdrawn, which represents approximately 93.5% of the Original Shares eligible to participate in the Exchange Offer. Holders of the remaining OTC shares will be contacted shortly in order to arrange for the exchange. The Original Shares have been traded on the OTC in Oslo since November 2013.
Foster Wheeler Files Definitive Proxy Materials For EGM
Foster Wheeler AG announced today that it has filed with the U.S. Securities and Exchange Commission (SEC) definitive proxy materials in connection with its Extraordinary General Meeting (EGM) to be held on July 10, 2014 at the Company’s offices in Baar, Switzerland. The Company also is mailing these definitive proxy materials (including voting cards) to holders of record as of June 10, 2014. As described in the definitive proxy materials filed with the SEC, the Company's shareholders will be asked at the EGM to approve (among other things): *Certain amendments to the Company's Articles of Association, which will provide an exemption from the transfer restrictions and voting limitations in the case where a person who…
Finland Steel Firms Deal Flagged by Helsinki Bourse
"If the exchange offer for all the shares in Rautaruukki announced by SSAB on 22,January 2014 is completed, the ownership of SSAB in Rautaruukki would, upon the completion of the settlement trades of the shares tendered into the exchange offer by 5, May 2014 (including the acceptance of the exchange offer by Rautaruukki's largest shareholder Solidium Oy, in accordance with the undertaking provided in advance by Solidium Oy) exceed 50 percent of all the shares and voting rights in Rautaruukki. SSAB would, upon the completion of the settlement trades of the shares tendered into the exchange offer by 5 May 2014 gain the hold of 70,639,731 of Rautaruukki's shares, which would equate to 50.40 percent of the total outstanding shares and votes in Rautaruukki.
Ultrapetrol Completes 100% of Mortgage Note Exchange
The company informs that the notes were issued for an equal principal amount of 8 7/8% First Preferred Ship Mortgage Notes due 2021, that are registered under the Securities Act of 1933, as amended and expired on January 24, 2014 at 5 p.m. Ultrapetrol add that as of the Expiration Time, holders of $25.0 million aggregate principal amount of the Notes have participated in the Exchange Offer, representing 100% percent of the Notes eligible for exchange. under a registration rights agreement entered into by and among the Company and the initial purchasers of the outstanding notes.
Horizon Lines Completes Comprehensive Refinancing
New Capital Structure Provides Opportunity for Significant Deleveraging. Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure. The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction. "We now have a new capital structure that eliminates the refinancing uncertainty faced by our company over the past several months and better positions us for the future," said Stephen H. Fraser, President and Chief Executive Officer.
DryShips Reports 2Q Results
DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below. Excluding infrequently occurring and non-cash items, the Company’s net results would have amounted to a net income of $17.4 million or $0.04 per share. - Impairment losses from the sale of vessels La Jolla, Conquistador, Samsara, Brisbane and Toro, net of gain from the total loss of the Oliva, amounting to $87.0 million, or $0.25 per share.
Horizon Lines Modifies Agreement with Note holders
Commitments Secured to Move Forward with Refinancing; Consummation of Transaction Expected by the End of September. Horizon Lines, Inc. announced that it has entered into a definitive agreement and secured commitments from holders of more than 99% of its 4.25% convertible senior notes due in 2012 to move forward with a modified transaction that will refinance the company's entire capital structure. As part of the refinancing, the company has launched an exchange offer today for the $330.0 million of existing unsecured 4.25% convertible senior notes. Consummation of the refinancing is expected to occur by the end of September, following completion of the exchange offer.
Horizon Lines Reaches Agreement for Refinance
Horizon Lines, Inc. (NYSE: HRZ) today announced that it and holders of the majority of its 4.25% convertible senior notes have entered into agreements for a transaction that will refinance the company's entire capital structure. The agreement with the note holders contemplates a complete refinancing, in conjunction with a new asset-based revolving loan facility (ABL) of up to $125 million, which is under negotiation with a leading financial institution. The company's current debt structure consists of a $225 million senior secured revolving credit facility…
DHT Holdings to Acquire Saga Tankers
The Boards of Directors of DHT and Saga have entered into a transaction agreement regarding an acquisition of Saga by DHT. Under the terms of the agreement, DHT will put forward a recommended voluntary exchange offer (the "Offer") pursuant to the Norwegian Securities Trading Act for all of the shares of Saga. The consideration offered will be 0.25 DHT shares per Saga share. The Offer consideration corresponds to NOK 5.44 per Saga share, based on the closing share price of DHT on 27 May 2011 of USD 4.01, applying an USDNOK exchange rate of 5.43, and values the total share capital of Saga at approximately NOK 472.4 million or USD 87.0 million.
Trico Announces Extension of Exchange Offer and Consent Solicitation
HOUSTON, April 18, 2011 /PRNewswire/ -- Trico Shipping AS (the "Company"), a subsidiary of Trico Marine Services, Inc. (Pink Sheets: TRMAQ) ("Trico Marine"), announced today that it has extended the expiration date of its out-of-court exchange offer (the "Exchange Offer") to the holders ("Noteholders") of its 11 7/8% senior secured notes due 2014 (the "Notes") and the solicitation of consents to the governing indenture (the "Consent Solicitation") to 5:00 p.m. Eastern Time on April 20, 2011. Withdrawal rights under the Exchange Offer will not be extended by the new expiration date.
Hornbeck Offshore Exchange Offer
Hornbeck Offshore Services, Inc. (NYSE:HOS) announced that it has successfully completed its offer to exchange $250m aggregate principal amount of its outstanding 8% Series A Senior Notes due 2017 (CUSIPs440543 AF 3 and U44070 AC 1), which were issued in a private placement and sold in accordance with Rule 144A or Regulation S under the Securities Act of 1933, for an equal aggregate principal amount of its 8% Series B Senior Notes due 2017 (CUSIP 440543 AH 9). The issuance of the New Notes was registered under the Act. At the scheduled expiration time of 5:00 p.m., New York City time on February 23, 2010, $250m of aggregate principal amount, or 100%, of the Old Notes were tendered and accepted for exchange for New Notes by Hornbeck Offshore.
Hornbeck Offshore Exchange Offer
Hornbeck Offshore Services, Inc. (NYSE: HOS) announced the commencement, on Monday, January 25, 2010, of its offer to exchange any and all of the $250m aggregate principal amount of its outstanding 8% Series A Senior Notes due 2017 (CUSIPs 440543 AF 3 and U44070 AC 1), which were issued in a private placement and sold in accordance with Rule 144A or Regulation S under the Securities Act of 1933, for an equal aggregate principal amount of its 8% Series B Senior Notes due 2017 (CUSIP 440543 AH 9). The issuance of the New Notes has been registered under the Act. The form and terms of the New Notes are substantially the same as the form and terms of the Old Notes issued in August 2009.
CGGVeritas to Acquire Wavefield
CGGVeritas (ISIN: 0000120164 - NYSE: CGV) announced today it will make a voluntary exchange tender offer for 100% of the shares of Wavefield Inseis ASA ("Wavefield") (OSE: WAVE). Wavefield is a Norwegian pure-play seismic company which operates a fleet of 8 vessels and develops geophysical equipment based on fiber optic technology. In the third quarter 2008, Wavefield revenue was $110m, and operating income was $37m. The transaction strengthens CGGVeritas' fleet capability with immediate access to five recently equipped high capacity 3D vessels. The additional complement of three mid 3D and 2D Wavefield vessels increases overall fleet management flexibility.
Northrop Gruman Extends Offer
Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Sept. 27, 2001, to Oct. 4, 2001, at midnight E.D.T.
Northrop Grumman Extends Offer
Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246,621 shares tendered pursuant to notices of guaranteed delivery.
Northrop Grumman Extends Tender Offer
Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 18, 2001, to Oct. 2001, at midnight E.D.T. had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. guaranteed delivery. Northrop Grumman Corporation is a $15 billion, global aerospace and defense company with its worldwide headquarters in Los Angeles. solutions in defense and commercial electronics, systems integration, information technology and non-nuclear shipbuilding and systems. 80,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S.