Frontline Announces Launching of ATM Equity Offering
Hamilton, Bermuda - July 25, 2018
Frontline Ltd. (NYSE: FRO) ("Frontline" or the "Company") today announced the Company entered into an Equity Distribution Agreement dated July 24, 2018, with Morgan Stanley & Co. LLC ("Morgan Stanley") for the offer and sale of up to $100.0 million of common shares of Frontline.
In accordance with the terms of the Equity Distribution Agreement, the Company 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.
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.
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.
Frontline Ltd. press release