Frontline raises $210m

John Fredriksen-controlled tanker operator Frontline says it has raised Nkr1.07 (US$ 210m). The company says in a statement: “The net proceeds from the private placement will be used to finance the acquisition of the five double hull suezmax tankers and as settlement for the delivery of shares in Overseas Shipholding Group Inc. currently covered by forward contracts.” Hemen Holding Limited, a company indirectly controlled by Frontline's chairman John Fredriksen, guaranteed the subscription of 2.3 million shares and was allocated a total of 225,000 shares. And now owns 33.8% of the issued share capital of the company.