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World’s largest tanker company sells shares to fund scrubber ambition

26 Jul 2018

New York-listed tanker company Frontline Ltd. Monday entered into an Equity Distribution Agreement with Morgan Stanley & Co. LLC for the offer and sale of up to $100.0 million of common shares of Frontline.

“The net proceeds of this offering will be used to opportunistically fund growth opportunities, for certain capital expenditures, including to purchase exhaust gas cleaning systems that reduce sulfur emissions to comply with upcoming implementation of new IMO standards, and for general corporate purposes,” it says.

The agreement allows Frontline to 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.

Photo credit: Morgan Stanley
Published: 26 July, 2018

 

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