Underwriters quickly exercised their options to buy up shares in Nordic American Tankers (NAT), adding to the New York-listed shipowner’s latest cash grab.
The investors picked up 1.65 million in shares at $10 apiece, meaning they spent $16.5m just as NAT closed its public offering for 11 million shares today.
After the underwriter portion, Nordic American expects to bring in $120m in net proceeds, which NAT plans to use for fleet expansion.
NAT
