Nordic American Tanker Shipping Ltd.- (NYSE: NAT) (OSE: NAT) Announces Pricing of Follow-on Offering
18 Noviembre 2004 - 3:34AM
PR Newswire (US)
Nordic American Tanker Shipping Ltd.- (NYSE: NAT) (OSE: NAT)
Announces Pricing of Follow-on Offering HAMILTON, Bermuda, Nov. 18
/PRNewswire-FirstCall/ -- Nordic American Tanker Shipping Ltd. (the
"Company") today announced that its follow-on offering of 2,700,000
common shares was priced at $38.75 per share. The common shares are
being offered pursuant to the Company's effective shelf
registration statement. Bear, Stearns & Co. Inc. and UBS
Investment Bank are acting as joint bookrunning managers and DnB
NOR Markets, Inc. is acting as a co-manager. The Company has also
granted the underwriters an option to purchase up to an additional
405,000 common shares to cover any over- allotments, exercisable
within 30 days. The Company expects to close the sale of the common
shares on November 23, 2004, subject to customary closing
conditions. The net proceeds of this offering are being used to
repay amounts borrowed under the Company's senior secured credit
facility to repay the existing indebtedness and to finance the
acquisition of a Suezmax tanker that the Company has agreed to
purchase, to pay the balance of the purchase price of the vessels
and for general corporate purposes, including any future vessel
acquisitions. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state. The offering
is being made only by means of a prospectus and related prospectus
supplement. A prospectus and the related prospectus supplement
related to the offering will be filed with the U.S. Securities and
Exchange Commission. Copies of the prospectus relating to the
offering may be obtained from the offices of Bear, Stearns &
Co. Inc. at 383 Madison Avenue, New York, New York 10179,
Attention: Prospectus Department and UBS Investment Bank at 299
Park Avenue, New York, New York 10171, Attention: Syndicate Desk.
The Company is an international tanker company that owns three
modern double-hull Suezmax tankers. The Company expects to take
delivery of the newly acquired Suezmax tanker in late November
2004. The Company operates its vessels on bareboat, time and voyage
charters. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business. Forward-
looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements
of historical facts. The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe,"
"anticipate," "intend," "estimate," "forecast," "project," "plan,"
"potential," "will," "may," "should," "expect," "pending" and
similar expressions identify forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise. Important factors that, in our view,
could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand in the tanker market, as a result of changes in OPEC's
petroleum production levels and world wide oil consumption and
storage, changes in our operating expenses, including bunker
prices, drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off- hires and other important
factors described from time to time in the reports filed by the
Company with the Securities and Exchange Commission, including the
prospectus and related prospectus supplement and our Annual Report
on Form 20-F. Contacts: Scandic American Shipping Ltd Manager for
Nordic American Tanker Shipping Ltd. P.O Box 56 3201 Sandefjord
Norway Tel: + 47-33-42-73-00 E-mail: Web-site: http://www.nat.bm/
Rolf Amundsen Chief Financial Officer Nordic American Tanker
Shipping Ltd. Tel: +1-800-601-9079 or + 47-908-26-906 Herbjorn
Hansson Chairman & CEO Nordic American Tanker Shipping Ltd.
Tel: +1-866-805-9504 or + 47-901-46-291 DATASOURCE: Nordic American
Tanker Shipping Ltd. CONTACT: Scandic American Shipping Ltd,
Manager for Nordic American Tanker Shipping Ltd., +47-33-42-73-00,
; or Rolf Amundsen, Chief Financial Officer of Nordic American
Tanker Shipping Ltd., +1-800-601-9079 or +47-908-26-906; Herbjorn
Hansson, Chairman & CEO of Nordic American Tanker Shipping
Ltd., +1-866-805-9504 or +47-901-46-291 Web site:
http://www.nat.bm/
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