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Euronav starts the ball rolling on billion dollar fundraising

Euronav starts the ball rolling on billion dollar fundraising
Euronav has raised $50m by issuing 5.4m shares, the first step in gathering $1bn to purchase Maersk Tanker's 15-strong VLCC fleet.

As reported by Seatrade Global last week, backers of the capital increase include BHR Capital LLC, Glendon Capital Management LP, GoldenTree Asset Management LP, Solus Alternative Asset Management LP and some funds managed by York Capital Management Global Advisors, LLC .

The company also plans to raise up to a further $300m, subject to shareholder approval, through the issue of 32.8m shares to the same investors.

Euronav expects to make up the rest of the price tag with a $500m bank debt facility, due to be finalised imminently, and $235m in mezzanine financing.

The company also announced the conversion of 491 convertible bonds, issuing 8.1m new shares.

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