Nordic American Tankers has announced an underwritten public offering of 11,000,000 common shares. On September 23, the closing price of the company’s common shares on the New York Stock Exchange was $10.85 per share.
The underwriters have reserved for sale an aggregate of 534,000 common shares to all the members of the company’s board of directors, certain members of the company’s management and all NAT advisors.
The company intends to use the net proceeds primarily to finance the expansion of its fleet and for general corporate purposes. Immediately following the offering, the company may use the proceeds to repay borrowings under its revolving credit facility pending application towards other uses.
