FRO - Announces the Second Amended and Restated Equity Distribution Agreement
29 January 2015 - 6:34PM
Frontline Ltd. (NYSE:FRO) ("Frontline") announces that it has filed
with the United States Securities and Exchange Commission a
prospectus supplement covering the second amendment and restatement
of its previously announced equity distribution agreement with
Morgan Stanley & Co. LLC, ("Morgan Stanley"), under which the
amount of new ordinary shares Frontline may offer and sell, at any
time and from time to time through Morgan Stanley in an
at-the-market offering, was increased to having aggregate sales
proceeds of up to $150.0 million, from up to $100.0 million.
Sales of Frontline's ordinary shares, if any, will be made by
means of ordinary brokers' transactions on the New York Stock
Exchange, or otherwise at market prices prevailing at the time of
sale, at prices related to the prevailing market prices, or at
negotiated prices.
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
or by email at prospectus@morganstanley.com. Links to the filings
with the Securities and Exchange Commission of the prospectus and
prospectus supplement are also available on Frontline's
website.
January 28, 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 press release 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 of the disclosure requirements acc.
to §5-12 vphl (Norwegian Securities Trading Act)
HUG#1890147
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