American Tanker Inc ? Notice of Written Resolution
18 February 2019 - American Tanker Inc, has today instructed the trustee for the USD 220,000,000 Senior Unsecured Callable Bond Issue 2017/2022 with ISIN NO 001 077751.9 (the "Bond Issue"), to distribute to the bondholders in the Bond Issue a notice for a request of a Written Resolution.
American Tankers Inc has proposed to make certain amendments, including the removal of amortization, to the existing Bond Terms as described in more detail in the notice of Written Resolution. A majority of the bondholders have already given their support to the Written Resolution.
In December 2018, OSG elected to extend all nine vessels up for renewal effectively increasing AMSC's average bareboat charter duration to 3.5 years. The U.S. Jones Act tanker market is experiencing improved trading conditions. Over the last months, and for the first time in nearly three years, the entire Jones Act tanker fleet has been fully employed on time charter contracts. This trend is driven by favorable WTI vs. Brent/Bonny Light spreads leading to strong demand for crude cargoes from the U.S. Gulf to the U.S. Northeast.
Attached is the Notice of the Written Resolution to be distributed to bondholders.
Pareto Securities is acting as advisor to the company.
For further information, please contact:
Pål Magnussen, CEO, + 47 24 13 00 04
Morten Bakke, CFO, + 47 24 13 00 87
Pareto Securities AS:
Christian Ramm +47 24 13 21 33
About American Tanker Inc and American Shipping Company ASA:
American Tanker Inc (ATI) is an indirect subsidiary of American Shipping Company ASA (AMSC) which was established in 2005 and listed on the Oslo Stock Exchange. AMSC is a ship owning company with nine modern handy size product tankers and one modern handy size shuttle tanker on long term bareboat charters with Overseas Shipholding Group (OSG). OSG charters the vessels out on time charters to major oil companies in the U.S. coastwise Jones Act trade. AMSC has a significant contract backlog as well as a profit sharing agreement with OSG which offers visibility with respect to future earnings. Further information is available at www.americanshippingco.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.