Frontline exchanges $22.5 million 4.5% convertibles for stock, cash

New York, Dec. 16 – Frontline Ltd. said it has agreed to exchange $22.5 million of its 4.5% convertible bonds due 2015 for 3,984,375 shares and $9,562,500 in cash.

The exchange price for the shares is $3.12 each.

Up to 760,377 additional shares will be issued on Dec. 23 if the five-day volume-weighted average price of the company’s stock for the period ending Dec. 22 is lower than the exchange price, subject to a minimum VWAP price of $2.62.

Frontline will also pay accrued interest.

Closing of the exchange is scheduled for Dec. 19.

Frontline is an Oslo-based oil tanker shipping business incorporated in Bermuda.

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