BRUSSELS, Sept 16 (Reuters) - Euronav NV:
SAYS ITS FIXED RATE UNSECURED CONVERTIBLE BOND OFFERING DUE 2015 INCREASED TO $150 MILLION
SAYS EXTRA $25 MILLION HAS BEEN FULLY SUBSCRIBED ON TUESDAY NIGHT AFTER CLOSE OF THE STOCK EXCHANGE. ENTAILS ADDITIONAL 250 BONDS.
IF ALL OF THE BONDS WERE TO BE CONVERTED INTO NEW ORDINARY SHARES AT THE INITIAL CONVERSION PRICE, 6,474,307 NEW ORDINARY SHARES WOULD BE ISSUED, REPRESENTING 11.12 % OF EURONAV'S SHARE CAPITAL ON A FULLY DILUTED BASIS.
NET PROCEEDS TO BE USED TO DIVERSIFY FUNDING SOURCES, STRENGTHEN BALANCE SHEET LIQUIDITY, GENERAL CORPORATE AND WORKING CAPITAL PURPOSES AS WELL AS TO FUND POTENTIAL ACQUISITIONS THAT MAY ARISE IN THE FUTURE.
BONDS WERE PLACED WITH INSTITUTIONAL INVESTORS BY HSBC BANK PLC, ACTING AS LEAD MANAGER IN CONNECTION WITH THE OFFERING, ING BELGIUM SA/NV ACTING AS CO-MANAGER AND CLARKSON INVESTMENT SERVICES LIMITED ACTING AS PLACING AGENT.
PAYMENT FOR AND ISSUE OF THE BONDS IS EXPECTED TO BE ON OR ABOUT 24 SEPTEMBER 2009.
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