Nordic American Tankers Limited (NAT) today announced an underwritten public offering of 10 million 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. NAT 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.