SOURCE: Nordic American Tankers Limited

Nordic American Tankers Limited

October 23, 2012 05:28 ET

DUPLICATE: Nordic American Tankers Limited (NYSE: NAT) - Refinanced Credit Facility up to the Autumn of 2017

HAMILTON, BERMUDA--(Marketwire - Oct 23, 2012) -

Press release (PDF)

Nordic American Tankers (NYSE: NAT) ("NAT"), today announced that it has agreed with banks to establish a credit facility that will extend until the Autumn of 2017. As stated in the investor telephone conference, September 25 2012, we have been assessing various alternatives and amounts for the total financial requirements. The new non amortizing facility will total $430 million. The final documentation is expected to be completed shortly. The banking group consists of the leading Scandinavian banks DNB, Nordea and Skandinaviska Enskilda Banken. Today we have drawn $250 million of the current credit facility and have about $80 million in cash. Going forward the facility may be supplemented by other loan arrangements if events and opportunities warrant it. Commented the Chairman and CEO of NAT, Herbjørn Hansson: "I am pleased that this agreement has been entered into. This tells us that NAT is a preferred borrower. It gives NAT a continued solid financial footing and flexibility which will enable the company to grow, based upon both possible vessel acquisitions and newbuildings".


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.

The Company 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," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe 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 our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, 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, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.

Contact Information

  • Contacts:
    Scandic American Shipping Ltd
    Manager for:
    Nordic American Tankers Limited
    P.O Box 56, 3201 Sandefjord, Norway
    Tel: + 47 33 42 73 00

    Rolf Amundsen
    Head of Investor Relations, Norway
    Nordic American Tankers Limited
    Tel: +1 800 601 9079
    or + 47 908 26 906

    Jacob Ellefsen
    Head of Research, Monaco
    Nordic American Tankers Limited
    Tel: + 377 93 25 89 07
    or + 33 678 631 959

    Turid M. Sorensen
    EVP & CFO, Norway
    Nordic American Tankers Limited
    Tel: +47 33 42 73 00
    or +47 90 57 29 27

    Gary J. Wolfe
    Seward & Kissel LLP, New York, USA
    Tel: +1 212 574 1223