Morgan Stanley, Credit Suisse, J.P. Morgan and DNB Markets assist
By Devika Patel
Knoxville, Tenn., June 24 – Nordic American Offshore Ltd. said the underwriters for its initial public offering of stock opted to exercise the deal’s $14.12 million greenshoe in full for total proceeds of $108.24 million. The deal priced for $94.12 million with the greenshoe on June 11.
The company will sell 6,764,704 common shares at $16.00 per share. Of the shares, 882,352 are part of the fully exercised greenshoe.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc. were the joint bookrunning managers.
Settlement is expected June 26.
Proceeds will be used for acquisitions and general corporate purposes, including working capital.
The Hamilton, Bermuda, company was formed to acquire and operate platform supply vessels, a ship designed to supply offshore oil platforms. It expects the shares to trade on the NYSE exchange under the symbol “NAO.”
| Issuer: | Nordic American Offshore Ltd.
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| Issue: | Common stock
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| Amount: | $108,235,264 (including $14,117,632 greenshoe)
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| Shares: | 6,764,704
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| Price: | $16.00
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| Warrants: | No
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| Bookrunners: | Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc.
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| Co-manager: | Global Hunter Securities, LLC
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| Pricing date: | June 11
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| Settlement date: | June 26
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| Stock exchange: | NYSE: NAO
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