FRO - Buyback of 4.50 % Frontline Ltd. Convertible Bond Issue 2010/2015 - ISIN NO 001057149.0
February 13 2015 - 02:36AM
Frontline Ltd. (the "Company" or
"Frontline") announces that the Company has through market
purchases executed February 12, 2015 bought USD 33,300,000 notional
in the 4.50 % Frontline Ltd. Convertible Bond Issue 2010/2015 -
ISIN NO 001057149.0 at a purchase price of 99%.
After the purchase, Frontline
holds USD 131,600,000 notional representing 58.5% in the 4.50 %
Frontline Ltd. Convertible Bond Issue 2010/2015 - ISIN NO
001057149.0.
February 12, 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 document 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
to the disclosure requirements pursuant to section 5-12 of the
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#1894377
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