Bermuda-registered suezmax owner Nordic American Tanker Shipping is making an underwritten public offering of 3m common shares at $42.85 per share. The funds raised will be used to pay off debt under the company's revolving credit facility and to “prepare the company for further expansion”. It fleet currently consists of 12 ships, all suezmaxes.
According to a statement the Company expects to close the sale of the common shares on July 25, 2007, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to 450,000 additional shares to cover over-allotments. The company also announced that it expects that its dividend in respect of the second quarter of 2007 will be in the region of $1.17 per share.
According to a statement the Company expects to close the sale of the common shares on July 25, 2007, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to 450,000 additional shares to cover over-allotments. The company also announced that it expects that its dividend in respect of the second quarter of 2007 will be in the region of $1.17 per share.