We continue to experience a very strong response to the Ship Finance Forum in Greece. To register please call us at the phone number below for more information. Then on October 21st together with BankBoston we have the 1st annual Ferry Finance Forum at the New York Yacht Club.
BREAKING NEWS
Frontline has entered into an agreement with its banks giving the company increased flexibility with respect to the repayment of debt and to increase working capital by approximately $ 32 million. The company also issued approximately $ 20 million in equity through a private placement. Issue price was NOK 33.00. The total number of shares issued, 4,715,000 were placed with a group of five investors. The transaction was successfully placed by Fearnley Fonds ASA and Carnegie. Mr. Fredriksen has also converted $ 35 million of a $ 89 million subordinated loan given to Frontline into equity. At an issue price of NOK 33.00 a total of 8,230,000 shares were issued. 3,500,000 of these shares will be offered to the existing shareholders at NOK 33.00. The total amount of shares outstanding after these transactions is 59 million. The combined transaction will increase Frontline’s equity by $ 55 million, and will improve the working capital by up to $ 52 million. The proceeds from the transactions will be used finance the acquisition of ICB. After implementation of the transaction, Frontline’s current cash breakeven TCE rates for 2000 have been reduced to approximately $ 21,000 for the VLCCs (including 2 lease vessels) and $ 15,000 for the Suezmaxes and OBOs.
HIGH YIELD
PEGASUS SHIPPING
This is only an excerpt of Freshly Minted – September 30, 1999
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