Nordic American Tankers Limited (NYSE

NAT) Announces Underwriters' Exercise of Option to Purchase Additional Shares and Closing of Public Offering

Hamilton, Bermuda, September 30, 2016

Nordic American Tankers Limited (the "Company") announced today that, in connection with its previously announced public offering of 11,000,000 common shares at a public offering price of $10.00 per share, the underwriters exercised in full the option granted to them by the Company and purchased an additional 1,650,000 common shares on the same terms on which the 11,000,000 common shares were sold to the underwriters.  At the Company's request, the underwriters have sold an aggregate of 534,000 common shares in this offering to all of the members of the Company's board of directors, certain members of the Company's management, and all of the Company's advisors at the public offering price.  The Company also announced that the closing of the follow-on offering and the closing of the option to purchase additional shares took place simultaneously today. The common shares were offered pursuant to the Company's effective shelf registration statement.

As previously announced, the Company intends to use the net proceeds of this offering primarily to finance the expansion of its fleet beyond 30 vessels and for general corporate purposes.  Immediately following the offering, the Company may use the proceeds of this offering to repay borrowings under its revolving credit facility pending application towards other uses.

Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as co-managers of the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus and related prospectus supplement. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of Morgan Stanley & Co. LLC at 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Department.

About the Company

The Company is an international tanker company that owns 30 double-hull Suezmax tankers, of which one is to be delivered in the first quarter of 2017.

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.