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Nordic American Tanker Shipping Ltd.- (NYSE: NAT) (OSE: NAT)
Announces Pricing of Follow-on Offering
HAMILTON, Bermuda, Nov. 18 /PRNewswire-FirstCall/ -- Nordic American Tanker
Shipping Ltd. (the "Company") today announced that its follow-on offering of
2,700,000 common shares was priced at $38.75 per share. The common shares are
being offered pursuant to the Company's effective shelf registration statement.
Bear, Stearns & Co. Inc. and UBS Investment Bank are acting as joint
bookrunning managers and DnB NOR Markets, Inc. is acting as a co-manager. The
Company has also granted the underwriters an option to purchase up to an
additional 405,000 common shares to cover any over- allotments, exercisable
within 30 days. The Company expects to close the sale of the common shares on
November 23, 2004, subject to customary closing conditions.
The net proceeds of this offering are being used to repay amounts borrowed
under the Company's senior secured credit facility to repay the existing
indebtedness and to finance the acquisition of a Suezmax tanker that the
Company has agreed to purchase, to pay the balance of the purchase price of the
vessels 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 is being 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 U.S. Securities and Exchange Commission. 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: Scandic American Shipping Ltd, Manager for Nordic American
Tanker Shipping Ltd., +47-33-42-73-00, ; or Rolf
Amundsen, Chief Financial Officer of Nordic American Tanker Shipping Ltd.,
+1-800-601-9079 or +47-908-26-906; Herbjorn Hansson, Chairman & CEO of Nordic
American Tanker Shipping Ltd., +1-866-805-9504 or +47-901-46-291
Web site: http://www.nat.bm/