Friday, Nordic American Tanker Shipping Ltd. (NAT) priced its previously announced underwritten public offering of 4 million common shares at a price of $30.50 per share. The common shares are being offered pursuant to the Company's effective shelf registration statement. Morgan Stanley is acting as the bookrunning manager for the offering and DnB NOR Markets, Inc. is acting as co-manager of the offering.
The company expects to close the sale of the common shares on January 27, 2010, subject to customary closing conditions. The company has granted the underwriters a 30-day option to purchase up to 600,000 additional shares to cover over-allotments.
Nordic American Tanker Shipping Ltd., an international tanker company, owns and operates crude oil tankers. It operates its vessels in the spot market, on time charters, or on bareboat charters. As of December 31, 2008 the company owned 15 double hull Suezmax tankers.
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