Euronav sells shares to finance supertankers

Belgian carrier Euronav will attempt to raise USD 350 million by selling shares to finance the acquisition of 15 VLCC vessels from Maersk Tankers.

Belgian Euronav is short USD 350 million for financing the carrier's purchase of Maersk Tankers' fleet of supertankers. The shipping company will attempt to raise the funds by selling shares, says Euronav after the Belgian carrier's acquisition of the ships was announced on Sunday.

At the share issuance Euronav plans to sell shares at 6.70 euros apiece. The first USD 50 million will be raised from around January 10th, while the remaining USD 300 million will have to be approved first at an Extraordinary General Assembly in February. Euronav states that a series of institutional investors, including BHR Capital LLC, Glendon Capital Management LP, GoldenTree Asset Management LP, Solus Alternative Asset Management LP, as well as funds under York Capital Management Global Advisors, LLC and their subsidiaries have committed to subscribe to the capital increase. And the next one as well, if it is approved.

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