Nordic American Tankers Limited announced today that, in connection with its previously announced public offering of 12,000,000 common shares at a public offering price of $8.62 per share, the underwriters exercised in full the option granted to them by the company and purchased an additional 1,800,000 common shares on the same terms on which the 12,000,000 common shares were sold to the underwriters. The company also announced that the closing of the follow-on offering and the closing of the option to purchase additional shares took place simultaneously today. The common shares were offered pursuant to the company's effective shelf registration statement. Morgan Stanley & Co. LLC acted as the bookrunning manager for the offering and Global Hunter Securities, LLC acted as co-manager of the offering.
Following the closing completed earlier today, the total net proceeds to the company, before expenses to the company and including net proceeds from the sale of the additional shares, were approximately $113.6 million.
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.