HAMILTON, Bermuda, April 11, 2014 (GLOBE NEWSWIRE) -- Nordic American Tankers Limited (the "Company") announced today that, in connection with its previously announced public offering of 12,000,000 common shares at a public offering price of $8.62 per share, the underwriters exercised in full the option granted to them by the Company and purchased an additional 1,800,000 common shares on the same terms on which the 12,000,000 common shares were sold to the underwriters. The Company also announced that the closing of the follow-on offering and the closing of the option to purchase additional shares took place simultaneously today. The common shares were offered pursuant to the Company's effective shelf registration statement. Morgan Stanley & Co. LLC acted as the bookrunning manager for the offering and Global Hunter Securities, LLC acted as co-manager of the offering.
Following the closing completed earlier today, the total net proceeds to the Company, before expenses to the Company and including net proceeds from the sale of the additional shares, were approximately $113.6 million.
As previously announced, the Company intends to use the net proceeds of this offering primarily to finance the acquisition of potentially two to four vessels, depending on the age of the vessels, and general corporate purposes.This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering was made by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering was filed with the Securities and Exchange Commission. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of Morgan Stanley & Co. LLC at 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Department.