Timing Is Everything

Begun a few weeks ago, Nordic Tankers rights’ offering of 25,176,592 shares, priced at DKK 10, was fully subscribed, raising net proceeds to the company of DKK 233.2 million, approximately $40.1 million of which $25.9 was in cash with the balance in the form of a debt swap. Concerned about relying on the existing group of shareholders, Nordic obtained underwriting agreements from interested shareholders, including Siva Limited, Rederiaktiebolaget Gotland and a number of individuals, for approximately 10% of the offering.

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