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HomeMaritime NewsRegionsAmericasNAT to fund spin off with $65m public offering

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.

 

 

TAGS: Europe Tankers Finance & Insurance Offshore

 

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