Golden Ocean Finalises $200 Million Share Issue

by Ship & Bunker News Team
Monday February 22, 2016

Golden Ocean Group Ltd. (Golden Ocean) [NASDAQ:GOGL] Friday announced that it has successfully completed private placement of NOK 1,718,420,000 ($200 million) in new shares at NOK 5.00 ($0.58) per new share, compared to the previous day's closing price of NOK 5.90 ($0.69).

As Ship & Bunker reported Thursday, the company said it was looking to raise $200 million in fresh equity, with leading shareholders including John Fredriksen's Hemen Holding set to invest an amount equal to their respective stakes in return for banks deferring loan repayments of $165 million until September 2018.

Golden Ocean says that 343,684,000 new shares have been issued under the action, with 516,359,637 common shares issued common, each having a par value of  $0.01.

The company's successful completion of the private placement is reported to have fulfilled Golden Ocean's equity condition under its amended financing terms.

Golden Ocean says it will also conduct subsequent offering of as much as 34,368,400 new shares in the company, garnering gross proceeds of as much as NOK 171,842,000 million ($20 million), or about 10 percent the private placement's size.

Last Week, Golden Ocean reported a net loss of $69.3 million for 2015's Q4 and a full year loss of $220.8 million for the 12 months to December 31, 2015.

Ship & Bunker News Team
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