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Euronav ups size of U.S. IPO

Written by Nick Blenkey
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JANUARY 23, 2015 — Antwerp, Belgium, headquartered Euronav NV has upsized the size of its initial U.S. public offering and announced the pricing.

The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares at an issue price per share of $12.25 for gross base proceeds of $199,185,000. The tanker giant has granted the underwriters a 30-day option to purchase up to an additional 2,439,000 ordinary shares, which could raise proceeds by another $30 million.

The company’s ordinary shares offered in the United States are expected to commence trading on the New York Stock Exchange today under the ticker symbol “EURN.”

The offering is expected to close January 28.

Euronav’s previously issued ordinary shares continue to be traded on Euronext Brussels under the ticker symbol “EURN.”

With the intent to create a balanced dual listing of its ordinary shares, the company plans to commence today a U.S. exchange offer to enable existing shareholders to reposition unregistered ordinary shares which are listed and may be traded on Euronext Belgium, other than ordinary shares owned by affiliates of the company, for ordinary shares that have been registered under the Securities Act of 1933, as amended, which are listed and may be traded on the NYSE.

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