FRO Frontline

 
TIDMFRO 
 
 
   Frontline Ltd. (NYSE:FRO) ("Frontline" or the "Company") today announced 
that it has entered into a private agreement to exchange $22,500,000 of 
the outstanding principal amount of the Company's 4.5% Convertible Bond 
Issue 2010/2015 (the "Bonds") for an aggregate of  3,984,375 shares at 
an exchange price of $3.12 per share, and a cash payment of  $9,562,500 
plus accrued interest.  In addition, under the exchange agreement, 
Frontline has agreed to issue, on December 23, 2014, up to an additional 
760,377 shares to the holders of the Bonds based on an agreed formula if 
the 5-day volume-weighted average price (VWAP) of the Company's shares, 
for the period ending December 22, 2014, is lower than the exchange 
price, subject to a minimum VWAP price of $2.62 per share. 
 
   The issuance of the common shares to the holders of the Bonds is 
expected to close on December 19, 2014. 
 
   December 16, 2014 
 
   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 
 
   This report contains forward-looking statements including but not 
limited to statements regarding the Company's financing activities and 
other future activities.  These forward-looking statements are subject 
to risks and uncertainties, and actual results may differ materially. 
Certain factors that may affect actual results to differ materially 
include, without limitation, our ability to complete and a delay in 
completing the debt-for-equity exchange described above.  Please refer 
to Frontline's SEC filings for more information on the other factors 
that could cause actual results to differ materially from expectations, 
specifically the sections titled "Risk Factors" and "Forward-Looking 
Statements" in the Company's Annual Report on Form 20-F. 
 
   This information is subject of the disclosure requirements pursuant to 
section 5-12 of the Norwegian Securities Trading Act. 
 
   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#1880721 
 
 
  http://www.frontline.bm/ 
 

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