FRO - Announces the Second Amended and Restated Equity Distribution Agreement
January 29 2015 - 2:31AM
Frontline Ltd. (NYSE:FRO) ("Frontline") announces
that it has filed with the United States Securities and Exchange
Commission a prospectus supplement covering the second amendment
and restatement of its previously announced equity distribution
agreement with Morgan Stanley & Co. LLC, ("Morgan Stanley"),
under which the amount of new ordinary shares Frontline may offer
and sell, at any time and from time to time through Morgan Stanley
in an at-the-market offering, was increased to having aggregate
sales proceeds of up to $150.0 million, from up to $100.0
million.
Sales of Frontline's ordinary shares, if any, will
be made by means of ordinary brokers' transactions on the New York
Stock Exchange, or otherwise at market prices prevailing at the
time of sale, at prices related to the prevailing market prices, or
at negotiated prices.
This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities and shall
not constitute an offer, solicitation or sale in any jurisdiction
in which such offer, solicitation or sale is unlawful. The offering
is being made by means of a prospectus and related prospectus
supplement. A prospectus supplement related to the offering has
been filed with the Securities and Exchange Commission. Copies of
the prospectus and prospectus supplement relating to the offering
may be obtained from the offices of Morgan Stanley at 180 Varick
Street, Second Floor, New York, New York 10014, Attention:
Prospectus Department or by email at prospectus@morganstanley.com.
Links to the filings with the Securities and Exchange Commission of
the prospectus and prospectus supplement are also available on
Frontline's website.
January 28, 2015
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Robert Hvide Macleod: Chief Executive Officer, Frontline Management
AS
+47 23 11 40 00
Inger M. Klemp: Chief Financial Officer, Frontline Management
AS
+47 23 11 40 00
FORWARD LOOKING
STATEMENTS
Matters discussed in this press release may
constitute forward-looking statements. 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 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.
Frontline 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 document
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management's examination of historical operating trends, data
contained in Frontline's records and other data available from
third parties. Although Frontline believes 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 Frontline's
control, you cannot be assured that Frontline will achieve or
accomplish these expectations, beliefs or projections. Frontline
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in
expectations.
Important factors that, in Frontline's view, could
cause actual results to differ materially from those discussed in
the forward-looking statements include, without limitation: the
strength of world economies and currencies, general market
conditions, including fluctuations in charterhire rates and vessel
values, changes in demand in the tanker market, including but not
limited to changes in OPEC's petroleum production levels and world
wide oil consumption and storage, changes in Frontline's operating
expenses, including bunker prices, drydocking and insurance costs,
the market for Frontline's vessels, availability of financing and
refinancing, ability to comply with covenants in such financing
arrangements, failure of counterparties to fully perform their
contracts with us, 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, vessel breakdowns, instances of
off-hire and other important factors. For a more complete
discussion of these and other risks and uncertainties associated
with Frontline's business, please refer to Frontline's filings with
the Securities and Exchange Commission, including, but not limited
to, its annual report on Form 20-F.
This
information is subject of the disclosure requirements acc. to §5-12
vphl (Norwegian Securities Trading Act)
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Frontline Ltd. via Globenewswire
HUG#1890147
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