NAT Launches Public Offering as Part of Recapitalization

Bermuda-based Nordic American Tankers (NAT) has announced an underwritten public offering of USD 100 million of its common shares pursuant to the company’s effective shelf registration statement.

The company informed that, at its request, the underwriters have reserved for sale an aggregate of around USD 1.2 million of its common shares for certain members of its board of directors, management and advisors, which includes approximately USD 1 million to be purchased by the company’s Chairman and Chief Executive Officer.

The company also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the offering.

The company intends to use the net proceeds of this offering, together with proceeds from recapitalization transactions, primarily to repay outstanding amounts under its current credit facility, finance the expansion of its fleet and for general corporate purposes.

In early December 2017, NAT established a sale/leaseback arrangement for the three newbuilds to be delivered in 2018. Aker Group of Norway is behind this arrangement, the company informed, adding that Scandinavian banks, DnB of Norway and SEB of Sweden, established important guarantee provisions related to the recapitalization of NAT.

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