Nordic American Tanker Shipping Ltd. (NAT) -- (Amex: NAT) (OSE: NAT) Announces Public Offering of Common Shares
06 November 2004 - 1:23PM
PR Newswire (US)
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/
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