Bookrunner Morgan Stanley and co-managers DNB Markets, Pareto assist
By Devika Patel
Knoxville, Tenn., Dec. 9 - Nordic American Tankers Ltd. said the underwriters for its public sale of stock opted to exercise the deal's $9.75 million greenshoe in part for total proceeds of $73.15 million. The deal was announced Nov. 21 and priced for $65 million with the greenshoe on Nov. 22.
The company sold 9,143,750 common shares at $8.00 per share. The price per share reflects a 16.67% discount to the Nov. 21 closing share price of $9.60. Of the shares, 1,018,750 were part of the partially exercised greenshoe.
Participating investors will receive a dividend of $0.16 per share. The dividend will be paid on Dec. 11.
Morgan Stanley & Co. LLC was the bookrunning manager.
Settlement is expected Dec. 11.
The company will use the proceeds primarily to finance its investment in Nordic American Offshore Ltd.
The tanker company is based in Hamilton, Bermuda.
| Issuer: | Nordic American Tankers Ltd.
|
| Issue: | Common stock
|
| Amount: | $73.15 million (including $8.15 million greenshoe)
|
| Shares: | 9,143,750
|
| Price: | $8.00
|
| Warrants: | No
|
| Bookrunners: | Morgan Stanley & Co. LLC
|
| Co-managers: | DNB Markets Inc. and Pareto Securities Inc.
|
| Announcement date: | Nov. 21
|
| Pricing date: | Nov. 22
|
| Settlement date: | Dec. 11
|
| Stock symbol: | Nasdaq: MEIP
|
| Stock price: | $9.60 at close Nov. 21
|
| Market capitalization: | $520.2 million
|
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