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Euronav launches U.S. IPO

Written by Nick Blenkey
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JANUARY 20, 2015 — Antwerp, Belgium, headquartered tanker giant Euronav NV has announced today commencement a much expected U.S. initial public offering  that could raise around $185.1 million if underwriters take up their options.

Euronav will offer 13,550,000 ordinary shares in the IPO and  will grant the underwriters a 30-day option to purchase additional ordinary shares representing up to 15% of the offered shares.

The January 19 closing price of the company’s ordinary shares on Euronext Brussels was $12.94 per share (based on an exchange rate of EUR 0.8604 per $1.00).

The company has been approved to list its ordinary shares on the New York Stock Exchange  under the symbol “EURN”. Following the completion of this underwritten initial public offering in the United States, it is expected that the company’s shares will be listed on both Euronext Brussels and the NYSE.

Euronav has been pursuing an ambitious fleet growth plan, but says in today’s IPO announcement that “it may use the net proceeds of this offering for general corporate purposes and working capital, which may include the acquisition of additional new or secondhand vessels. The company can provide no assurance that it will be able to identify additional vessels to acquire or that it will be able to complete the acquisition of vessels that it is able to identify. In addition, the company may use all or a portion of the net proceeds of this offering to repay some of its existing indebtedness. The company has not determined which, if any, of its indebtedness it would so repay, or the amount of any repayment.”

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