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Klaveness to launch private placement and list shares on Oslo Stock Exchange

Published by , Assistant Editor
Dry Bulk,

With reference to the announcement of 11 March 2019 regarding the engagement of advisers, Klaveness Combination Carriers ASA (KCC) the leading owner and operator of modern combination carriers, on 2 May announced that the company intends to launch a private placement to fund additional investments in combination carriers (the private placement) and list its shares on the Oslo Stock Exchange / Oslo Axess upon completion of the private placement (the listing).

Through the private placement, the company intends to raise approximately NOK 200 – 400 million in new equity by the issuance of new shares (the new shares). In addition, the Joint Bookrunners may elect to over-allot a number of additional new shares (the additional shares) equaling up to 15% of the new shares allocated in the private placement. The net proceeds from the private placement will be used to finance the equity portion of up to two options for the construction of a seventh and eighth CLEANBU newbuild with Jiangsu New Yangzi Shipbuilding Co., Ltd in China with delivery in 1Q21.

The new shares will be offered at a fixed price of NOK 47.50 per share (the offer price), corresponding to a pre-money equity value of KCC of NOK 1924 million (equivalent to approximately US$223 million based on US$/NOK exchange rate of 8.6). The final number of New Shares will be determined by the company, in consultation with the Joint Global Coordinators, after completion of the application period. It is expected that the new shares will comprise between 10.4 - 20.8% of the total number of shares in issue prior to the private placement, excluding any additional Shares that may be issued pursuant to exercising of the over-allotment option (as hereinafter defined), and up to between 12.0% and 23.9% including all additional shares that may be issued under the over-allotment option.

The application period is from 09:00 CEST Monday 6 May 2019 to 14.00 CEST Tuesday 14 May 2019. The application period may be shortened or extended at any time. Subsequent to the completion of the application period for the private placement, the company will apply for listing of all shares in the company (the shares) on the Oslo Stock Exchange / Oslo Axess with an expected first day of trading on or about Wednesday 22 May 2019.

The minimum application and allocation amount in the private placement has been set to the NOK equivalent of €100 000. The company may, at its sole discretion, allocate an amount below €100 000 to the extent applicable exemptions from relevant prospectus and registration requirements are available.

The allocation of new shares and any additional shares will be determined at the end of the application period by the company's Board of Directors (the Board) at its sole discretion. The Board will focus on allocation criteria such as (but not limited to) timeliness of the application, relative order size, sector knowledge, perceived investor quality and investment horizon. Allocation letters with payment instructions are expected to be distributed by the Joint Bookrunners on or about 15 May 2019.

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