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Nordic American Tankers looks to raise $100m from offering

Nordic American Tankers looks to raise $100m from offering
New York: New York-listed Nordic American Tankers could raise more than $100m from a public offering of 9.75m common shares priced at $9.60 each.

Herbjørn Hansson, chairman and ceo of Nordic American Tankers, is expected to purchase about $1.5m worth of common shares in the offering on the same terms as other investors.

Nordic American Tankers has granted the underwriters a 30-day option to purchase up to an additional 1,462,500 common shares, potentially raising an extra $14.04m.

“The net proceeds of the offering are expected to be used to pay for acquisitions under our expansion program, including the Nordic Future, and for general corporate purposes,” the company said.

The company's current fleet consists of 20 double-hull suezmax tankers.

“In addition we have entered into a preliminary agreement to acquire a modern double-hull suezmax tanker, the Nordic Future, which is expected to be delivered no later than May 2013. The company is reviewing other possible acquisitions of vessels which could take place in the near future,” it added.