Thursday, Nordic American Tanker Shipping Ltd. (NAT) announced an underwritten public offering of 4 million common shares. The proceeds of the offering are expected to be used to fund future acquisitions and for general corporate purposes. The company has granted the underwriters a 30-day option to purchase up to 600,000 additional shares to cover over-allotments
The company noted that the proceeds of the offering announced today, together with other financing sources available to it, are expected to enable it to make accretive acquisitions, based on present asset prices, of at least four additional vessels. Morgan Stanley is acting as the bookrunning manager for the offering and DnB NOR Markets, Inc. is acting as co-manager of the offering.
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