American Eagle Tankers Files for IPO

Wednesday, June 06, 2001
Crude oil tanker owner and operator American Eagle Tankers Inc. Ltd. has filed for an initial public offering that could raise up to $132 million for the unit of Singapore's Neptune Orient Lines Ltd.

American Eagle, which is based in Jersey City, N.J., plans to use the net proceeds from the IPO to expand its fleet of tankers, which currently numbers 24, it said on Tuesday in a filing with the U.S. Securities and Exchange Commission.

The company is selling 6.75 million common shares for between $17.60 and $19.50 apiece, which would give it a potential market value of $495 million based on the high end of the price range and about 25 million shares outstanding.

American Eagle said 4.72 million shares are being offered in the United States and Canada while 2.025 million shares, directly or in the form of Singapore Depositary Receipts each representing one-tenth of a common share, will be offered outside of those countries.

The stock has been approved for listing on the New York Stock Exchange under the symbol AEH, the SEC filing said.

Salomon Smith Barney, who is the lead manager of the IPO, will be assisted by ABN Amro and Morgan Stanley Dean Witter. The underwriters have the option of buying 1,012,500 more shares in case the 6.75 million shares are all sold.

American Eagle operates all of Neptune Orient's crude oil tanker business. When the IPO is completed, Neptune Orient will hold 73.4 percent of the company.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Euroseas Sells C/V Marinos

Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

Bill on Danish Maritime Planning Submitted

The bill is to form the basis of a maritime planning act intended to promote economic growth and development of sea areas. The Danish Maritime Authority is to head the work.

Plans to Create Rio Doce Fund

Vale and BHP Billiton announced today plans to work together, with Samarco, to establish a voluntary, non-profit fund to support the rescue and recuperation of the Rio Doce river system,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0720 sec (14 req/sec)