Having closed its Initial Public Offering (IPO) of ordinary shares on NYSE, Euronav NV said it would repay the USD 235.5 million bond issued to finance the acquisition of 15 VLCCs from Maersk Tankers Singapore Pte Ltd announced on 5 January 2014.
The vessels have an average age of 4 years and will expand the large tanker fleet of Euronav.
The newcomers will be operated in the Tankers International VLCC Pool of which Euronav is a founding member.
Euronav issued a redemption notice on 28 January 2015 and expects to repay the bond on or around the 19th of February 2015.
The bond was issued at 85 per cent of its principal amount with an interest rate of 5.95% per annum for the first year and 8.50% as of the first anniversary date.
Furthermore, following its IPO, Euronav exercised its right to request the contribution of the 30 outstanding perpetual convertible preferred equity securities and issued such notice on 30 January 2015.
The company expects the aggregate principal amount of USD 75,000,000 to be contributed to Euronav’s share capital through a contribution in kind on 6 February 2015 against the issuance of 9,459,281 shares.
The shares that will be issued following such contribution in kind will be listed on both Euronext Brussels and the NYSE but tradeable only on Euronext Brussels.