Euronav to Raise $150M of Perpetual Convertible Preferred Equity

MarineLink.com
Monday, December 16, 2013

The board of directors of Euronav NV announced that the company has raised $150 million (USD) via a private placement of a perpetual convertible preferred equity instrument.

The instrument will be issued at par and will bear an interest of 6% during the first five years payable annually in arrears in cash or in shares at the option of the company. The price against which the securities can be contributed is €5.776 (or $7.928715 at EUR/USD exchange rate of 1.3727) per common share. The company will have an option to force the contribution if the share price reaches a certain level over a certain period of time and the company has completed a listing in New York (NYSE or NASDAQ).

Full features of this instrument as well as reports related to the issuance of this instrument can be found in the investors section of Euronav’s website euronav.com under the heading Perpetual Convertible Preferred Equity.

The securities will be issued to strategic investors including GoldenTree Asset Management LP and York Capital Management LLC, as well as to reference shareholders of Euronav.

The net proceeds from the issuance of the securities will be used by Euronav to strengthen its balance sheet liquidity, to diversify its funding sources, for general corporate and working capital purposes as well as to provide financial flexibility to fund potential acquisitions that may arise in the future.

Paddy Rodgers, CEO of Euronav, said, “Strengthening the Euronav balance sheet at this time of the cycle clearly distinguishes the company from its competitors. Euronav is now excellently positioned with well-priced debt on long maturities providing a good investment for any sustained improvement in the tanker market. The company intends to take advantage of opportunities arising in the market and to offer a safe haven for distressed ships whose owners need commercial and/or technical support. Euronav has always been at the forefront of consolidation through pooling and merger and is now the most solid platform to take advantage of opportunities as they arise in the large crude tanker market.

The company is currently evaluating the best timing to list in New York where most shipping companies are listed. This dual-listing will increase the opportunities available to the company and should also diversify the shareholding base in a more liquid market than Euronext Brussels.”

DNB Markets and RMK Maritime provided financial advisory services to Euronav in connection with the issuance of these securities.
 

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

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

News

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.2192 sec (5 req/sec)