Nordic American Tankers Limited (NAT) informs that its offering of 12,000,000 common shares, at a public offering price of $8.62 per share, was exercised in full by underwriters, and in accordance with the option granted to them by the Company they purchased an additional 1,800,000 common shares on the same terms.
NAT also says that the closing of the follow-on offering and the closing of the option to purchase additional shares took place simultaneously. 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 and including net proceeds from the sale of the additional shares, were approximately $113.6 million.
NAT 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.
The Company is an international tanker company that owns 20 double-hull Suezmax tankers.