FRO - Announces Launching of ATM Equity Offering
June 03 2020 - 8:54AM
Frontline Ltd. (NYSE: FRO) (“Frontline” or the
“Company”) today announced the Company entered into an Equity
Distribution Agreement dated June 3, 2020, with Morgan Stanley
& Co. LLC (“Morgan Stanley”) for the offer and sale of up to
$100.0 million of common shares of Frontline.
In accordance with the terms of the Equity
Distribution Agreement, the Company may offer and sell its common
shares at any time and from time to time through Morgan Stanley as
its sales agent. Sales of the common shares, if any, will be made
by means of ordinary brokers’ transactions on NYSE or otherwise at
market prices prevailing at the time of sale, at prices related to
the prevailing market prices, or at negotiated prices.
The net proceeds of this offering will be used
to opportunistically fund growth opportunities and for general
corporate purposes.
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.
June 3, 2020
The Board of DirectorsFrontline Ltd. Hamilton,
Bermuda
Questions should be directed to:
Robert Hvide Macleod: Chief Executive Officer, Frontline
Management AS+47 23 11 40 84
Inger M. Klemp: Chief Financial Officer, Frontline Management
AS+47 23 11 40 76
CAUTIONARY STATEMENT REGARDING 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,” “targets,”
“likely,” “could,” “seeks,” “continue,” “possible,” “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 worldwide oil consumption and storage, the anticipated global
economic uncertainty and financial market conditions caused by the
COVID-19 pandemic, 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
pursuant to section 5-12 of the Norwegian Securities Trading Act.
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