Frontline Announces Launching of ATM Equity Offering
Frontline Ltd. today announced the Company entered into an Equity Distribution Agreement dated June 3, 2020, with Morgan Stanley & Co. LLC (“Morgan Stanley”) for the offer and sale of up to $100.0 million of common shares of Frontline.
In accordance with the terms of the Equity Distribution Agreement, the Company may offer and sell its common shares at any time and from time to time through Morgan Stanley as its sales agent. Sales of the common shares, if any, will be made by means of ordinary brokers’ transactions on NYSE or otherwise at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.
The net proceeds of this offering will be used to opportunistically fund growth opportunities and for general corporate purposes.