Product tanker owner and operator Hafnia, a member of the BW Group, revealed its plans to launch a pre-listing private placement ahead of the contemplated listing on the Oslo Stock Exchange.
Upon completing the placement, the company would list its common shares on Oslo Axess.
The pre-listing private placement consists of an offering of new shares with gross proceeds of up to USD 125 million; an offering of shares with gross proceeds of up to USD 175 million; and an offering of existing shares totalling 15% of the primary base offering and secondary base offering which equals gross proceeds of up to USD 45 million.
The shares would be offered for sale within a price range of between NOK 26.20 and NOK 30.90 per share, which corresponds to a pre-money equity value of the company of between USD 975 million and USD 1,150 million.
Hafnia said that it would raise up to USD 125 million in new equity in the primary base offering, adding that the net proceeds would be used for financing of the equity portion of the acquisition of two MR vessels, repayment of an unsecured RCF facility from BW Maritime, repayment of an unsecured term loan facility, as well as for working capital and general corporate purposes.
The secondary base offering consists of existing shares in the company from BW Group, equalling up to USD 25 million, as well as from a consortium of financial investors, equalling up to USD 150 million.