TOP Tankers Announces Pricing of Public Offering of Common Stock
December 05 2007 - 10:13AM
PR Newswire (US)
ATHENS, Greece, Dec. 5 /PRNewswire-FirstCall/ -- TOP Tankers Inc
(NASDAQ:TOPT) (the "Company") announced that it has priced its
offering to the public of 21,000,000 shares of its common stock
(the "Offered Shares"). The offering is being made through an
underwriting syndicate led by Deutsche Bank Securities Inc., who is
acting as sole book-running manager for the offering, as well as
DVB Capital Markets LLC, Oppenheimer & Co. Inc. and Cantor
Fitzgerald & Co. The Company has granted the underwriters an
over-allotment option to purchase up to 3,150,000 additional
shares. The Offered Shares have been priced at $3.00 per share. The
net proceeds from the Offered Shares will be approximately $59.2
million after deducting the underwriters' discount and estimated
offering expenses (approximately $68.2 million if the underwriters
exercise in full the over-allotment option). The Company expects to
use the net offering proceeds to repay currently outstanding debt
and to make payments in connection with the purchase of six drybulk
vessels. About TOP Tankers Inc TOP Tankers Inc is an international
provider of worldwide seaborne crude oil and petroleum products and
of drybulk transportation services. The Company operates a fleet of
20 tankers, consisting of 12 double-hull Suezmax tankers and 8
double-hull Handymax tankers, with a total carrying capacity of
approximately 2.2 million dwt, of which 87% are sister ships, and
one drybulk vessel. It expects delivery of five more drybulk
vessels between December 2007 and March 2008. Thirteen of the
Company's 20 tankers will be on time charter contracts with an
average initial term of over three years with all but four of the
time charters including profit sharing agreements. Three of the
Company's drybulk vessels will have period charter contracts for an
average period of 18 months. Forward Looking Statement Certain
statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements reflect our current views with respect
to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe
harbor legislation. The words "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "will,"
"may," "should," "expect" "pending" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections. In addition
to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, failure
of a seller to deliver one or more vessels or of a buyer to accept
delivery of one or more vessels, inability to procure acquisition
financing, default by one or more charterers of our ships, changes
in the demand for crude oil and petroleum products, changes in
demand for dry bulk shipping capacity, changes in our operating
expenses, including bunker prices, drydocking and insurance costs,
the market for our vessels, availability of financing and
refinancing, 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, vessels breakdowns and instances
of off-hires and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties. Contact: Michael Mason
(investors) Stamatis Tsantanis, CFO Allen & Caron Inc. TOP
Tankers Inc 212 691 8087 011 30 210 812 8199 DATASOURCE: TOP
Tankers Inc CONTACT: investors, Michael Mason of Allen & Caron
Inc., +1-212-691-8087, , for TOP Tankers Inc; or Stamatis
Tsantanis, CFO of TOP Tankers Inc, +011 30 210 812 8199, Web site:
http://www.toptankers.com/
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