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NAT to fund spin off with $65m public offering

NAT to fund spin off with $65m public offering
Nordic American Tankers (NAT) has announced a public offering of $65m, with the proceeds to be primarily used to fund its $50m investment in independent offshore spin off Nordic American Offshore (NAO).

The company expects chairman and ceo, Herbjørn Hansson to purchase around $2m of shares in the offering.

Morgan Stanley & Co. is acting as the bookrunning manager with DNB Markets and Pareto Securities as co-managers of the offering. The underwriters will be granted an option to purchase up to an additional 15% of the offered shares within 30 days.

NAT recently announced a drop in its losses for the third quarter of this year, with a positive outlook for the medium term.

The formation of NAO was announced at this start of this month, with theaddition of another vessel to the company's fleet following shortly afterwards.