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GOGL - Increased investment in Knightsbridge Tankers

34038 fcras 28/9 2010 00:26

27.09.2010 at 22:08CET

Increased investment in Knightsbridge Tankers Limited through sale of vessel

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to advise that the Company has entered into an agreement with Knightsbridge Tankers Limited ("Knightsbridge") to sell the capesize vessel "Golden Zhejiang" at a sales price of $65,5 million.

The vessel will be sold together with the existing 4 year charter agreement.

The completion of the transaction is subject to successful financing and equity offering in Knightsbridge Tankers Limited.

The deal is expected to be concluded during Q4 2010.

The sales proceeds will be used to pay down debt on the asset and the balance, $18,5 million, to acquire a number of restricted common shares in Knightsbridge. Golden Ocean will receive shares at the same price as contemplated in the public offering of shares in Knightsbridge that is launced today.

The investment in Knightsbridge is of long term nature.

The Board sees this increased investment in Knightsbridge as a strategic holding which gives Golden Ocean the opportunity to, together with Knightsbridge, develop new dry bulk business based on mainly yield driven investment criteria.

Such a position creates an additional flexibility for Golden Ocean and increases the possibilities to benefit from different pricing in the asset market, the public market and the yield security market.

The strong yield supporting the Knightsbridge stock and the solid contract backlog in Knightsbridge reduces the risk in the equity investment.

Knightsbridge's quarterly dividend payments further secure a solid and predictable cash flow for Golden Ocean.

Mr Herman Billung, CEO of Golden Ocean Management AS, has also taken a position at the Board of Knightsbridge as of September 24, 2010.

September 27, 2010
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Press release from Knightsbridge Tankers Ltd. 27.09.2010

Knightsbridge Tankers Limited Announces Public Offering

Knightsbridge Tankers Limited (the "Company" or "Knightsbridge") (Nasdaq:VLCCF) announced today an underwritten public offering (the "offering") of 4,250,000 common shares.

The common shares are being offered pursuant to the Company's effective shelf registration statement.

The proceeds of the offering are expected to be used to repay indebtedness, fund a portion of the purchase price for a newbuilding Capesize drybulk carrier, the Golden Zhejiang that the Company has agreed to acquire from Golden Ocean Group Limited, or Golden Ocean, subject to certain conditions.

The remainder of the net proceeds are expected to be used to fund future vessel acquisitions, for working capital and for general corporate purposes.

As part of the vessel acquisition, the Company expects to issue to Golden Ocean restricted common shares, based on the public offering price of common shares sold in the offering, with an aggregate value of approximately $18.5 million.

The agreement to acquire the Golden Zhejiang is subject to conditions, including the completion of definitive documentation and customary closing conditions, the successful completion of the offering and the refinancing of the Company's amended credit facility with Nordea Bank Norge ASA, or Nordea, for which the Company has obtained commitment letter from Nordea.

BofA Merrill Lynch is acting as the bookrunning manager and DnB NOR Markets and Nordea Markets are acting as co-managers for the offering.

The Company expects to grant the underwriters a 30-day option to purchase up to 637,500 additional shares to cover overallotments.

The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
September 27, 2010

- more here:


29/9 2010 15:09 fcras 034140

VLCCF - J.Fredriksens "Knightsbridge Tankers" eyes $100m

Knightsbridge eyes $100m

John Fredriksen's Knightsbridge Tankers has returned to the capital markets to raise the funds it needs to buy a capesize bulker from another of the Norwegian tycoon's affiliates, Golden Ocean Group.

Nasdaq-listed Knightsbridge says it is planning to sell 4.25 million shares in an underwritten public offering with another 637,500 shares set aside for underwriters, according to a statement issued Monday.

The company could walk away with over $102.6m based on an after hours price of $22.00 per unit.

If investors have an appetite for a slice of Knightsbridge, the company says it plans to use a portion of the proceeds to bankroll the acquisition of the 176,000-dwt capesize Golden Zhejiang (built 2010).

As TradeWinds has reported, the owner is on the brink of shelling out $65.5m to grab the bulker from Golden Ocean.

If any cash is leftover, Knightsbridge says it will cough up coin to fund future buys and pay down debt.

According to Singapore and Oslo-listed bulker owner, Golden Ocean, the deal is expected to be sealed during the fourth-quarter of this year.

By Aaron Kelley in Stamford
Published: 00:31 GMT, 28 Sep 10 | updated: 08:58 GMT, 28 Sep 10