The Board of Frontline has as of yesterday used its current authorisation to issue 68,700 new shares in Frontline. The shares have been issued as payment for USD 5 million of Golden Ocean Bonds.
Based on the closing price at Oslo Stock Exchange on 17 July of NOK 108 and a FX rate between USD/NOK of 8.73 the payment equals 17 % of face value, which is in line with the offer Frontline has given for the restructuring of Golden Ocean.
After this Frontline and affiliates own USD 109.5 million, or 38 %, of Golden Ocean’s USD 291 million Bond issue.
Shares were used as payment for the bonds due to the seller’s preference to have a continued interest in the tanker market.
The Frontline Board will consider using the same mechanism in the future to further increase the holding of Golden Ocean Bonds.
Total number of shares in Frontline after completion of this issue is 78,838,060.
Hamilton, Bermuda
18 July 2000
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