EURONAV Private Offering Raises $125m

Posted by Eric Haun
Wednesday, July 09, 2014
EURONAV VLCC Artois (Photo courtesy of EURONAV)

EURONAV announces that it has raised $125 million in total in gross cash proceeds through a private placement of 10,556,808 new shares to institutional investors selected through an accelerated book build offering. Following strong demand, Euronav decided to upsize the initial offering from $100 million to $125 million.

All of the newly issued shares were placed at a price of €8.70 per share (or $11.84 at the current EUR/USD exchange rate of 1.3610), at a 3% discount to the previous day’s closing price. The new shares represent 8.05% of the new total number of outstanding shares.

Petercam NV, acting as Settlement Agent, and one core shareholder entered into a share swap agreement in order to deliver listed shares to all investors who receive allocated shares in the private placement. As part of this share swap agreement the core shareholder will deliver up to 10,000,000 existing and listed shares to the Settlement Agent. The core shareholder will receive in exchange the same number of newly issued non-listed shares. The listing on Euronext Brussels of all other newly issued shares (not subject to the aforementioned share swap agreement) will be requested immediately after their issue. The shares that the core shareholder will receive as a result of the share swap will be listed upon approval of a listing prospectus by the FSMA on a later date.

The funds raised will be used by EURONAV to partially finance its purchase of four VLCC vessels.

Settlement will take place on July 14, 2014.

Petercam NV is acting as Global Coordinator and Settlement Agent and together with Deutsche Bank AG, London Branch, and DNB ASA as Joint Book Runners for the placing of the new shares. The Book Runners were advised by Linklaters LLP and Argo Law advised Euronav on the Belgian legal aspects of the offering.

The company is still of the view that a more balanced tonnage list coupled with increased ton-miles should help to further improve the state of the tanker market for the rest of 2014 and 2015. In this regard the company does not intend to place speculative newbuilding orders, but continues to see value in the secondhand market.

euronav.com
 

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

People & Company News

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Savannah Harbor Expansion Project Update

Lt. Gen. Thomas Bostick, commander of the U.S. Army Corps of Engineers, visited the Port of Savannah on Thursday, for an update on the Savannah Harbor Expansion Project (SHEP).

Finance

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

U.S.: Stronger Response in South China Sea Needed

By releasing video of Beijing's island reclamation work and considering more assertive maritime actions, the United States is signaling a tougher stance over the

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

News

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1945 sec (5 req/sec)