Morgan Stanley, Credit Suisse, JPMorgan and DNB Markets to assist
Knoxville, Tenn., June 11 – Nordic American Offshore Ltd. said it priced its $94.12 million initial public offering of stock with a $14.12 million greenshoe.
The company will sell 5,882,352 common shares at $16.00 per share.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc. are the joint bookrunning managers.
Settlement is expected June 17.
The company will use the proceeds to purchase two platform supply vessels and for other acquisitions and general corporate purposes, including working capital. The company may also use the proceeds for the construction of up to three additional vessels. If these are built, the company will have a fleet of 11 vessels.
The Hamilton, Bermuda, company was formed to acquire and operate platform supply vessels, a ship designed to supply offshore oil platforms. It expects the shares to trade on the NYSE exchange under the symbol “NAO.”
| Issuer: | Nordic American Offshore Ltd.
|
| Issue: | Common stock
|
| Amount: | $94,117,632
|
| Greenshoe: | $14,117,632
|
| Shares: | 5,882,352
|
| Price: | $16.00
|
| Warrants: | No
|
| Bookrunners: | Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc.
|
| Co-managers: | Canaccord Genuity Inc. and Oppenheimer & Co. Inc.
|
| Pricing date: | June 11
|
| Settlement date: | June 17
|
| Stock exchange: | NYSE: NAO
|
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