Understanding the Risks and Returns of Aker American Shipping

Last week, DnB Nor Markets, Enskilda and Fearnley Fonds executed a rather challenging deal very smoothing. The transaction resulted in a $125 million private placement for Aker American Shipping ASA (AKAS). Sources in Oslo tell us the deal was priced at the high point of the range and was 5x oversubscribed. It is important to point out the equity execution development that was seen in Oslo, which demonstrates that Norwegian bankers have developed a clever way to control deal risk in today’s choppy market. As we saw with the recent B+H placement, issuers are now hiring underwriters to sell shares on a private placement basis, with the agreement that these shares will later acquire a public listing.

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