Hamilton, Bermuda, September 30, 2016
Nordic American Tankers Limited
(the "Company") announced today that, in connection with its
previously announced public offering of 11,000,000 common shares at
a public offering price of $10.00 per share, the underwriters
exercised in full the option granted to them by the Company and
purchased an additional 1,650,000 common shares on the same terms
on which the 11,000,000 common shares were sold to the
underwriters. At the Company's request, the underwriters have
sold an aggregate of 534,000 common shares in this offering to all
of the members of the Company's board of directors, certain members
of the Company's management, and all of the Company's advisors at
the public offering price. 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.
As previously announced, the
Company intends to use the net proceeds of this offering primarily
to finance the expansion of its fleet beyond 30 vessels and for
general corporate purposes. Immediately following the
offering, the Company may use the proceeds of this offering to
repay borrowings under its revolving credit facility pending
application towards other uses.
Morgan Stanley & Co. LLC is
acting as the bookrunning manager for the offering and DNB Markets,
Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as
co-managers of the offering.
This press release does not
constitute an offer to sell or the solicitation of an offer to buy
securities and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offer, solicitation or sale is
unlawful. The offering is being made by means of a prospectus and
related prospectus supplement. Copies of the prospectus and
prospectus supplement relating to the offering may be obtained from
the offices of Morgan Stanley & Co. LLC at 180 Varick Street,
Second Floor, New York, New York 10014, Attention: Prospectus
Department.
About the
Company
The Company is an international
tanker company that owns 30 double-hull Suezmax tankers, of which
one is to be delivered in the first quarter of 2017.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 and is including this cautionary statement in connection
with this safe harbor legislation. The words "believe,"
"anticipate," "intend," "estimate," "forecast," "project," "plan,"
"potential," "will," "may," "should," "expect," "pending" and
similar expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions
were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections. We undertake no
obligation to update any forward-looking statement, whether as a
result of new information, future events or otherwise.
Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies
and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand in the tanker
market, as a result of changes in OPEC's petroleum production
levels and worldwide oil consumption and storage, changes in our
operating expenses, including bunker prices, drydocking and
insurance costs, the market for our vessels, availability of
financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents or political events, vessel
breakdowns and instances of off-hires and other important factors
described from time to time in the reports filed by the Company
with the Securities and Exchange Commission, including the
prospectus and related prospectus supplement, our Annual Report on
Form 20-F, and our reports on Form 6-K.
Contacts:
Jan H. A. Moller,
Head of Investor Relations & Financial Manager
Nordic American Tankers Limited
Tel: +1 888 755 8391 or +47 90 11 53 75
Turid M. Sørensen, CFO & EVP, Norway
Nordic American Tankers Limited
Tel: +47 33 42 73 00 or +47 90 57 29 27
Gary J. Wolfe
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223
Herbjørn Hansson, Chairman and CEO,
Norway
Nordic American Tankers Limited
Tel: +1 866 805 9504 or + 47 901 46 291
Rolf Amundsen, Advisor, Norway
Nordic American Tankers Limited
Tel: +1 800 601 9079 or + 47 908 26 906
Press release PDF
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Nordic American Tankers Limited via
Globenewswire
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