DHT Holdings, Inc. announced the closing of its previously announced agreement to acquire all the outstanding shares of Samco Shipholding Pte. Ltd. , a private company incorporated under the laws of the Republic of Singapore, for a purchase price of $317,005,000 in cash, less $5,000,000 that has been deposited in an escrow fund pending final determination of any purchase price adjustment following the closing. DHT used the net proceeds of its recently completed registered direct offering of common stock and concurrent private placement of convertible senior unsecured notes due 2019, plus cash on hand, to fund the acquisition, the company said in its press release.
Samco owns and operates a fleet of seven very large crude oil tankers ("VLCCs") with an average age of approximately 4.5 years. Five of the vessels are currently on time charters to oil majors. Included in the transaction was Samco's 50% ownership in Goodwood Ship Management Pte. Ltd. ("Goodwood"), a private ship management company incorporated under the laws of the Republic of Singapore. Goodwood currently manages all of DHT's vessels.
As a result of the acquisition, DHT now has a fleet of 20 VLCCs (including six VLCCs under construction at Hyundai Heavy Industries), two Suezmaxes and two Aframaxes.
As of August 31, 2014, Samco had approximately $319.6 million of outstanding indebtedness under its credit agreements. DHT has obtained a committed and underwritten offer from affiliates of Nordea Bank AB and DNB Bank ASA to refinance Samco's debt at a rate of LIBOR plus 2.5%, with leverage and repayment profiles consistent with DHT's other debt facilities.
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments. We operate through our wholly owned management companies in Oslo, Norway and Singapore.