Nanette Real Estate N.V (LSE:NAT)
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Nordic American Tanker Shipping Ltd. (NAT) -- (Amex: NAT) (OSE:
NAT) Announces Public Offering of Common Shares
HAMILTON, Bermuda, Nov. 6 /PRNewswire-FirstCall/ -- Nordic American Tanker
Shipping Ltd. (the "Company") today announced that it is commencing a public
offering of 2,700,000 common shares. The common shares will be offered pursuant
to the Company's effective shelf registration statement. Bear, Stearns & Co.
Inc. and UBS Investment Bank will act as joint bookrunning managers and DnB NOR
Markets, Inc. will act as a co-manager. The Company will grant the
underwriters an option to purchase an additional 405,000 common shares to cover
any over-allotments, exercisable within 30 days.
The net proceeds of this offering will be used to repay any amounts borrowed
under the Company's senior secured credit facility to finance the acquisition
of a Suezmax tanker that the Company has agreed to purchase and for general
corporate purposes, including any future vessel acquisitions.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any state.
The offering will be made only by means of a prospectus and related prospectus
supplement. A prospectus and the related prospectus supplement related to the
offering will be filed with the Securities and Exchange Commission. When
available, copies of the prospectus relating to the offering may be obtained
from the offices of Bear, Stearns & Co. Inc. at 383 Madison Avenue, New York,
New York 10179, Attention: Prospectus Department and UBS Investment Bank at
299 Park Avenue, New York, New York 10171, Attention: Syndicate Desk.
The Company is an international tanker company that owns three modern
double-hull Suezmax tankers. The Company expects to take delivery of the newly
acquired Suezmax tanker in late November 2004. The Company operates its
vessels on bareboat, time and voyage charters.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business. Forward-
looking statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts. The Company
desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words "believe,"
"anticipate," "intend," "estimate," "forecast," "project," "plan," "potential,"
"will," "may," "should," "expect," "pending" and similar expressions identify
forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections. We undertake no
obligation to update any forward-looking statement, whether as a result of new
information, future events or otherwise. Important factors that, in our view,
could cause actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand in the tanker market, as a result of
changes in OPEC's petroleum production levels and world wide oil consumption
and storage, changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels, availability of
financing and refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from pending or
future litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off-hires and other important factors
described from time to time in the reports filed by the Company with the
Securities and Exchange Commission, including the prospectus and related
prospectus supplement and our Annual Report on Form 20-F.
Contacts:
Scandic American Shipping Ltd
Manager for
Nordic American Tanker Shipping Ltd.
P.O. Box 56
3201 Sandefjord
Norway
Tel: + 47 33 42 73 00 E-mail:
Web-site: http://www.nat.bm/
Rolf Amundsen
Chief Financial Officer
Nordic American Tanker Shipping Ltd.
Tel: +1 800 601 9079 or + 47 908 26 906
Herbjorn Hansson
Chairman & CEO
Nordic American Tanker Shipping Ltd.
Tel: +1 866 805 9504 or + 47 901 46 291
DATASOURCE: Nordic American Tanker Shipping Ltd.
CONTACT: Manager for Nordic American Tanker Shipping Ltd.,
+47-33-42-73-00, , Rolf Amundsen, Chief Financial
Officer, +1-800-601-9079 or +47-908-26-906, or Herbjorn Hansson, Chairman &
CEO, +1-866-805-9504 or +47-901-46-291, both of Nordic American Tanker
Shipping Ltd.
Web site: http://www.nat.bm/