TORM Raises USD 100 Mn for Fleet Growth

Image Courtesy: TORM

Danish carrier of refined oil products TORM has raised USD 100 million through a private placement of new Class A common shares. 

A total of 11,920,000 new Class A common shares is being issued at a price of USD 8.39 per new share. The shares are issued without any pre-emption rights for TORM’s existing shareholders and have been placed with Danish and foreign institutional investors.

The company’s majority shareholder, OCM Njord Holdings S.à r.l., has subscribed for 8,214,548 of new shares for an aggregate amount of USD 68.9 million.

The company said it would use the net proceeds to finance existing newbuilding commitments and potential fleet growth opportunities through either execution of existing newbuilding options, or acquisition of attractively priced second-hand vessels.

TORM has up to four options for product tanker newbuildings at Chinese shipbuilder Guangzhou Shipyard International.

The expected date of settlement is January 26, 2018, TORM said, adding that new shares are expected to be listed on Nasdaq Copenhagen on January 30, 2018 under the same ISIN code as the existing Class A common shares.

TORM operates a fleet of approximately 80 tankers.

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