Petercam Nv News

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.

EURONAV has entered into an agreement for the purchase of four modern Japanese built VLCC vessels for an aggregate purchase price of $342 million. The vessels are on average three years old. This acquisition fits into the company’s strategy to further strengthen its position as the leading listed crude tanker company. The transaction allows EURONAV to expand its existing fleet with an ‘en bloc’ acquisition of four of the best vessels that can be found in today’s second hand market. This will not only rejuvenate the company’s fleet, but it will also complement the company’s existing fleet and further position EURONAV as the key pure play consolidator in the crude tanker industry.