Euronav greenshoe exercised, lifting 6.5% convertibles to $150 million

By Devika Patel

Knoxville, Tenn., Sept. 16 - Underwriters for Euronav NV's offering of 6.5% six-year senior unsecured convertible bonds exercised their over-allotment option in full for $25 million more of the bonds, increasing the size of the issue to $150 million, the company announced in a press release.

The greenshoe was only for another $15 million in convertibles, but the company increased the offering due to additional demand.

As previously reported, the company sold the notes at par on Sept. 4 in a Regulation S offering via lead manager HSBC Bank plc, co-manager ING Belgium SA/NV and placement agent Clarkson Investment Services Ltd.

The notes have an initial conversion premium of 25% and a conversion price of €16.28375.

Proceeds will be used to diversify funding sources, to strengthen balance sheet liquidity, to fund general corporate and working capital purposes and to fund potential acquisitions.

The bonds are expected to be listed on the official list of the Luxembourg Stock Exchange and to trade on the Luxembourg Stock Exchange's Euro MTF Market.

Antwerp, Belgium-based Euronav is an independent oil tanker company.

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