New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 10, 2014
09:26 EDTFRO, VLCCFKnightsbridge Tankers to purchase six Capesize bulk carriers from Frontline
Knightsbridge Tankers (VLCCF) and Frontline (FRO) announced that they and Karpasia Shipping, a company controlled by a trust established by John Fredriksen for the benefit of his immediate family have agreed for Knightsbridge to acquire five fuel efficient 180,000 DWT Capesize bulk carrier newbuildings from Frontline and one Capesize bulk carrier built in 2013 from Karpasia. The newbuildings were ordered by Frontline from Shanghai Waigaoqiao Shipbuilding in China and have expected deliveries of between May 2014 and September. Knightsbridge has agreed to pay $61M for each of the five Capesize newbuildings and $55M for the Capesize built in 2013. Of the total consideration of $360M, $186M will be paid in shares of Knightsbridge at $10 per share, $150M in absorption of remaining newbuilding CapEx and $24M in cash. Accordingly, Knightsbridge has agreed to issue 15.5M shares to Frontline and 3.1M shares to Karpasia, or another company controlled by trusts established by John Fredriksen for the benefit of his immediate family, on closing of the transaction. Knightsbridge will seek to raise around $30M in bank debt per vessel.
News For VLCCF;FRO From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
December 16, 2014
10:36 EDTFROFrontline announces debt-for equity exchange
Earlier today, Frontline announced that it has entered into a private agreement to exchange $22,500,000 of the outstanding principal amount of the Company's 4.5% Convertible Bond Issue 2010/2015 for an aggregate of 3,984,375 shares at an exchange price of $3.12 per share, and a cash payment of $9,562,500 plus accrued interest. In addition, under the exchange agreement, Frontline has agreed to issue, on December 23, up to an additional 760,377 shares to the holders of the Bonds based on an agreed formula if the 5-day volume-weighted average price, VWAP, of the Company's shares, for the period ending December 22, 2014, is lower than the exchange price, subject to a minimum VWAP price of $2.62 per share. Shares of Frontline are lower by almost 18% to $2.36 in morning trading.
December 15, 2014
10:10 EDTFROHigh option volume stocks:
High option volume stocks: RVBD AGCO FRO CRUS UBNT LH PAY PETM OREX KOS

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use