Euronav raises first USD 50 million for Maersk acquisition

Belgian Euronav has now issued shares and raised the first USD 50 million for the purchase Maersk Tankers' VLCC's. The carrier now needs to find USD 300 million.

The first round of the share sale to secure financing for the acquisition of Maersk Tankers' VLCC's was a success for Belgian Euronav, says the carrier, which raised USD 50 million on January 10th by issuing 5,473,571 new shares.

Euronav plans to raise USD 350 million by issuing new shares, and the next round will be set and approved at an extraordinary general assembly in February. The shipping company has previously announced that a series of institutional investors such as BHR Capital LLC, Glendon Capital Management LP, GoldenTree Asset Management LP, Solus Alternative Management LP, along with funds under York Capital Management Global Advisors, LLC, and their subsidiaries had committed to subscribing to the capital increase, including the next one, if it is approved at the general assembly.

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