FRNT - Frontline 2012 Ltd. Completed Private Placement
September 05 2013 - 2:51AM
NOT FOR DISTRIBUTION OR
RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE SERVICES
OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL
Frontline 2012 Ltd. ("Frontline 2012" or the
"Company") is pleased to announce that it has completed a private
placement of 34.1 million new ordinary shares of $2.00 par value at
a subscription price of $6.60, raising $225 million in gross
proceeds to the Company (the "Private Placement").
The proceeds will be used to
finance the announced investment in Avance Gas Holding Ltd (AGHL),
the current newbuilding program and further expansion.
The Private Placement was significantly
oversubscribed and the shares have been successfully placed with
high quality investors who support the long term strategy of
building Frontline 2012 into the leading global commodity shipping
company focused on modern fuel efficient tonnage.
DNB Markets, Fearnley Securities, Arctic
Securities, Pareto Securities and SpareBank 1 Markets have acted as
joint lead managers and book-runners for the Private Placement.
The Board of Directors
Frontline 2012 Ltd.
Hamilton, Bermuda,
September 4, 2013
For further information, please contact:
Jens Martin Jensen: Chief Executive Officer, Frontline Management
AS
+47 23 11 40 99
Inger M. Klemp: Chief Financial Officer, Frontline Management
AS
+47 23 11 40 76
***
Important
Notice
The Private Placement and this announcement and
other information in connection with the Private Placement may be
restricted by law in certain jurisdictions. Frontline 2012 assumes
no responsibility in the event there is a violation by any person
of such restrictions. Persons in whose possession this announcement
or such other information should come are required to inform
themselves about and to observe any such restrictions. This
announcement is not for distribution, directly or indirectly, in or
into any jurisdiction in which it is unlawful to make any such
offer or solicitation to such person or where prior registration or
approval is required for that purpose.
This document is not an offer to sell, or the
solicitation of an offer to buy or subscribe for securities in the
United States, Australia, Canada, Japan or in any jurisdiction in
which such offer, solicitation or sale is unlawful. Securities may
not be offered or sold in the United States absent registration
under the US Securities Act of 1933 (the "Securities Act") or an
exemption from, or in a transaction not subject to, registration.
Subject to certain exceptions, the securities referred to herein
may not be offered or sold in Australia, Canada or Japan or to, or
for the account or benefit of, any national, resident or citizen of
Australia, Canada or Japan. The offer and sale of the securities
referred to herein has not been and will not be registered under
the Securities Act or under the applicable securities laws of
Australia, Canada or Japan. The new shares to be offered may not be
offered or sold within the United States, except to qualified
institutional buyers ("QIB"), as defined in Rule 144A under the
U.S. Securities Act ("Rule 144A"), through affiliates of the
Managers, in reliance upon the exemption from the registration
requirements provided by section 4(2) of the U.S. Securities Act
Rule 144A, and to certain non-U.S. persons in offshore transactions
in reliance on Regulation S under the U.S. Securities Act. The
shares to be offered will be subject to certain restrictions on
transfer.
This document is only addressed to and is only
directed at persons in member states of the European Economic Area
(the "EEA") who are "qualified investors" within the meaning of
Article 2.1(e) of the Prospectus Directive (Directive 2003/71/EC).
In addition, in the United Kingdom, these materials are directed
solely at persons who (i) have professional experience in matters
relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the "Order") or (ii) are persons falling within Article
49(2)(a) to (d) of the Order and other persons to whom it may
lawfully be communicated (all such persons together being referred
to as "relevant persons"). These materials are addressed only to,
and directed only at, relevant persons and qualified investors and
must not be acted on or relied on (i) in the United Kingdom, by
persons who are not relevant persons or (ii) in any member state of
the EEA other than the United Kingdom, by qualified investors. Any
investment or investment activity to which these materials relate
is available only to, and will be engaged in only with, in the
United Kingdom, relevant persons, and in any member state of the
EEA other than the United Kingdom,
Forward Looking
Statements
This press release contains forward looking
statements. These statements are based upon various assumptions,
many of which are based, in turn, upon further assumptions,
including Frontline 2012 Ltd's management's examination of
historical operating trends. Although Frontline 2012 Ltd believes
that these assumptions were reasonable when made, because
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond its control, Frontline 2012 cannot give assurance that it
will achieve or accomplish these expectations, beliefs or
intentions.
Important factors that, in the Company's view,
could cause actual results to differ materially from those
discussed in this press release include the strength of world
economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in
demand in the tanker market as a result of changes in OPEC's
petroleum production levels and world wide oil consumption and
storage, changes in the Company's operating expenses including
bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation,
general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
and other important factors described from time to time in the
reports filed by the Company.
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Frontline 2012 Ltd. via Thomson Reuters ONE
HUG#1727419
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