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Frontline 2012 to grab $200m from the market

Frontline 2012 to grab $200m from the market
Frontline 2012 has announced a private placement to raise a minimum of $200m.

The placement, underwritten by Hemen Holding ltd, has a minimum buy-in of $1m and will be used to finance the company's investment in Avance gas, its current newbuild programme, and to fund further expansion.

Within one month of the private placement's completion the company plans to dividend 12.5% of its Avance Gas shares to Frontline 2012 shareholders.

The announcement closely follows Frontline 2012's announcement of a rise in profits for Q2 2013. Subscription for the deal will remain open until 0830 CET tomorrow morning at the latest.