By GlobeNewswire, October 18, 2013, 09:05:00 AM EDT
HAMILTON, Bermuda, Oct. 18, 2013 (GLOBE NEWSWIRE) --
October 18, 2013 - Knightsbridge Tankers Limited (the "Company" or
"Knightsbridge") (NASDAQ:VLCCF) today announced the pricing of its previously
announced public offering. The Company agreed to sell the 6,000,000 common
shares at a public offering price of $9.00 per share. The Company also granted
the book-running manager a 30-day option to purchase 900,000 additional common
shares. The common shares are being offered pursuant to the Company's effective
shelf registration statement.
The Company intends to use the net proceeds of this offering to partially fund
the acquisition of newbuilding vessels and for general corporate purposes.
Morgan Stanley is acting as the sole book-running manager for the offering. The
Company expects to close the sale of the common shares on October 23, 2013,
subject to customary closing conditions.
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 only by means of a prospectus and related prospectus
supplement. A prospectus supplement related to the offering will be filed with
the Securities and Exchange Commission. When available, copies of the
prospectus and prospectus supplement relating to the offering may be obtained
from the offices of Morgan Stanley & Co. LLC at 180 Varick Street, Second Floor,
New York, New York 10014, Attention: Prospectus Delivery Department.
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," "intends," "estimate," "forecast," "project," "plan,"
"potential," "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, examination by the Company's management of
historical operating trends, data contained in its records and other data
available from third parties. Although the Company 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 the Company's control, the Company cannot
assure you that it will achieve or accomplish these expectations, beliefs or
In addition to these important factors, other important factors that, in the
Company's 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 for dry bulk shipping
capacity, changes in the Company's operating expenses, including bunker prices,
drydocking and insurance costs, the market for the Company's 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
factors. Please see our filings with the Securities and Exchange Commission for
a more complete discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and the Company
disclaims any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date of this communication.
Questions should be directed to:
Chairman and Chief Executive Officer, Knightsbridge Tankers Limited
+ 46 703 998886
Inger M. Klemp:
Chief Financial Officer, Knightsbridge Tankers Limited
+47 23 11 40 76
Source: Knightsbridge Tankers Limited