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NAO secondary NAT get $10mNAO secondaryNordic American to sell major stake in fundraiser US-listed offshore vessel owner launches share offering days after revealing loan defaults. February 23rd, 2017 21:43 GMT by Eric Martin Published in FINANCE Nordic American Offshore has launched a share offering that will sell a significant stake in the company just days after it revealed loan defaults The New York-listed offshore vessel owner said today that it will sell 33.3 million shares in the public portion of the offering. Underwriters will then have options to buy another 5 million NAO shares. If the total 35.3 million shares is sold off, it would more than double 20.7 million NAO shares outstanding, according to a shelf registration filed earlier this week. Though the deal comes shortly after NAO revealed that problems with loan covenants could lead it to raise cash, the company said today that some of the offering's proceeds could be spent on growing beyond its fleet of 10 platform supply vessels. "The company intends to use the net proceeds of this offering for general corporate purposes and working capital purposes and for the expansion of its fleet," said NAO today. Underwriters are putting aside $10m worth of shares to sell to Nordic American Tankers, which is NAO's largest shareholder NAO executive chairman Herbjorn Hansson and his son Alexander are poised to buy $2m, and other board members and executives may also purchase shares. Morgan Stanley, DNB Markets and Skandinaviska Enskilda Banken are acting as bookrunning managers for the deal.
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Msg # | Subject | Author | Recs | Date Posted |
1300 | Re: NAO secondary NAT get $10m | vlcccashmachine | 1 | 2/26/2017 2:33:36 PM |