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Wednesday, July 17, 2019

Maritime Logistics Professional

August 19, 2018

DHT Holdings Raises Fresh Funds

Photo: DHT Holdings

Photo: DHT Holdings

The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings has reached agreements to exchange existing convertible notes due 2019.

DHT Holdings has entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% Convertible Senior Notes due 2019  to exchange approximately $67.5 million aggregate principal amount of the Existing Notes for approximately $74.2 million aggregate principal amount of the Company's new 4.5% Convertible Senior Notes due 2021.  

The Company also announced that it has entered into private placement purchase agreements with investors to issue approximately $44.7 million aggregate principal amount of the Company's new 4.5% Convertible Senior Notes due 2021 for gross proceeds of approximately $41.6 million. The Company expects to use the net proceeds of the Private Placement for general corporate purposes.

Upon the completion of the Private Exchanges and Private Placement, the aggregate principal amount of 2021 Notes outstanding would be approximately $119.0 million. The 2021 Notes will be senior unsecured obligations of the Company and rank pari passu with all of DHT's other senior unsecured debt, including the Existing Notes, and senior to all of its present and future subordinated debt.  

The 2021 Notes will bear interest at a rate of 4.5% per annum on the principal amount accruing from August 21, 2018.  Interest will be payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2019. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months.  The 2021 Notes will mature on August 15, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms.

DHT Holdingscrude oil tankercrude oil tankers