Bermuda: Frontline 2012 Raises USD 120 Million for Vessel Purchases

 

Frontline 2012 Ltd. announce that it has completed a private placement of 56,000,000 new ordinary shares of USD 2.00 par value at a subscription price of USD 3.75, raising USD 210 million in gross proceeds to the Company (the “Private Placement”).

Frontline 2012 has concluded an agreement to acquire a total of 16 firm newbuilding contracts and eight fixed price optional contracts. These newbuilding contracts are within the crude and product markets and are arranged, financed and entered into by the Company’s major shareholder Hemen Holding, with a total contract value of USD 578 million. Hemen will remain responsible for the performance guarantees towards the yards on these contracts.

The proceeds from the Private Placement will be used to fund the purchase of the abovementioned 16 newbuilding contracts and also to finance further growth. Frontline 2012 is currently in specific discussions regarding a further material increase of the newbuilding program. A finalization of this is expected within the next 30 – 60 days.

Hemen Holding Ltd., including related parties, has invested USD 120 million in the private placement.

RS Platou Markets AS, Arctic Securities AS, DNB Markets, and Carnegie ASA have acted as joint lead managers and book-runners for the Private Placement.

Source: Frontline 2012, May 29, 2012;

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >