Euronav NV announced the commencement of its underwritten initial public offering in[ds_preview] the USA of 13,550,000 ordinary shares. Underwriters would be granted a 30-day option to purchase additional ordinary shares representing up to 15% of the offered shares. On 19 January the closing price per share on Euronext Brussels was 12,94$.
The move comes with strong VLCC earnings beeing expected in 2015, since Middle East countries produce crude oil, regardless of the current market situation and demand for tankers as offshore storage facilities grows, as companies wait for a rise in prices.
Euronav has been approved to list the shares on the New York Stock Exchange (NYSE) under the symbol »EURN«. Following the completion of this offering in the USA, it is expected that the shares will be listed on both Euronext Brussels and the NYSE.
According to Euronav, the net proceeds may be used for general corporate purposes and working capital, including the acquisition of vessels or to repay some of the indebtedness.
Deutsche Bank Securities, Citigroup Global Markets, J.P. Morgan Securities and Morgan Stanley & Co. are acting as joint book-running managers and as representatives of the underwriters for the initial public offering in the USA. DNB Markets, Skandinaviska Enskilda Banken and Evercore Group are acting as senior managers. ABN Amro Securities (USA), Scotia Capital (USA), Clarkson Capital Markets and KBC Securities USA, are acting as co-managers
