Nordic American Tankers Limited (the "Company") today announced an underwritten public offering of 10,000,000 common shares pursuant to the Company's effective shelf registration statement. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and Global Hunter Securities, LLC is acting as co-manager of the offering. The Company also intends to grant the underwriters a 30-day option to purchase additional common shares representing up to 15% of the offered shares. - updated 4/7 - Nordic American Tankers Ltd. (the "Company") today announced the pricing of its previously announced underwritten public offering for 10,000,000 common shares. Because of strong demand the Company agreed to upsize the offering to 12,000,000 common shares at a public offering price of $8.62 per share. The common shares are being offered pursuant to the Company's effective shelf registration statement Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and Global Hunter Securities, LLC is acting as co-manager of the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 common shares. The Company expects to close the sale of the common shares on April 11, 2014, subject to customary closing conditions.
Nordic American Tanker Shipping is an international tanker company. Co. is engaged in owning and operating double hull Suezmax crude oil tankers. Co. is an international tanker company that owns 20 Suezmax tankers. The 20 vessels Co. operates average approximately 156,000 dwt each. Co.'s Suezmax tankers are interchangeable assets within the Orion Tankers pool, because any pool vessel may be offered to the charterer for any voyage. Co. 's Suezmax vessel can carry one million barrels of oil. The Suezmax vessel is highly versatile, able to be utilized on most long-haul trade routes.
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