Nordic American Raises $173 million, JP Morgan Bearish

Nordic American Tanker Shipping priced it’s 3.5 million share follow-on offering today at $49.50 per share, raising $173 million not counting 545,000 shares reserved for over-allotments. Bear, Stearns & Co. and UBS investment Bank are acting as joint bookrunning managers on the deal while DnB NOR Markets is serving as co-manager. The proceeds from the deal are to be used to repay any amounts borrowed under the company’s senior secured credit facility and to go towards the price of two suezmax tankers that NAT had previously agreed to purchase.

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