Frontline Ltd. : FRO - Announces Equity Distribution Agreement
Frontline Ltd. (NYSE:FRO) ("Frontline") announces that it has entered into an
equity distribution agreement with Morgan Stanley & Co. LLC, ("Morgan
Stanley") under which Frontline may, at any time and from time to time, offer
and sell new ordinary shares having aggregate sales proceeds of up to $40.0
million through Morgan Stanley in an at-the-market offering. Frontline
expects to use proceeds from this offering for general corporate purposes and
to supplement its working capital requirements.
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
June 6, 2013
The Board of Directors
Questions should be directed to:
Jens Martin Jensen: 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
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 pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Frontline Ltd. via Thomson Reuters ONE
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