SFL - Announcement of Public Offering of Common Shares
SFL (NYSE: SFL) has announced a public offering of 8,000,000 common shares, with an option for underwriters to purchase an additional 1,200,000 shares. The net proceeds will be used for general corporate purposes, including vessel acquisitions. Morgan Stanley is acting as the sole bookrunning manager, while BTIG, is the lead manager for the offering. The offering is being made through a prospectus supplement and accompanying base prospectus, with a registration statement already filed and effective with the SEC. This announcement does not constitute an offer to sell or solicitation of an offer to buy these securities in jurisdictions where it would be unlawful.
SFL (NYSE: SFL) ha annunciato un'offerta pubblica di 8.000.000 di azioni ordinarie, con un'opzione per gli underwriting di acquistare ulteriori 1.200.000 azioni. I proventi netti saranno utilizzati per scopi aziendali generali, inclusi gli acquisti di navi. Morgan Stanley funge da unico gestore delle vendite, mentre BTIG è il gestore principale per l'offerta. L'offerta viene effettuata tramite un supplemento di prospetto e un prospetto base accompagnatorio, con una dichiarazione di registrazione già depositata ed efficace presso la SEC. Questo annuncio non costituisce un'offerta di vendita né una sollecitazione di un'offerta per acquistare questi titoli in giurisdizioni in cui sarebbe illegale.
SFL (NYSE: SFL) ha anunciado una oferta pública de 8.000.000 de acciones comunes, con una opción para que los suscriptores adquieran 1.200.000 acciones adicionales. Los ingresos netos se utilizarán para fines corporativos generales, incluida la adquisición de buques. Morgan Stanley actúa como el único gerente de libro, mientras que BTIG es el gerente principal de la oferta. La oferta se realiza a través de un suplemento de prospecto y un prospecto base adjunto, con una declaración de registro ya presentada y efectiva ante la SEC. Este anuncio no constituye una oferta para vender ni una solicitud para comprar estos valores en jurisdicciones donde sería ilegal.
SFL (NYSE: SFL)는 8,000,000주 일반 주식의 공모를 발표했으며, 인수인에게 추가로 1,200,000주를 구매할 수 있는 옵션이 있습니다. 순수익은 선박 인수를 포함한 일반 기업 목적에 사용될 것입니다. 모건 스탠리는 단독 북운영 관리자 역할을 하며, BTIG는 이 공모의 주관 관리자입니다. 이 공모는 보충 전망서와 동반 기본 전망서를 통해 이루어지며, SEC에 등록 선언이 이미 제출되어 유효합니다. 이 발표는 불법이 될 수 있는 관할권에서 이러한 증권의 판매 제안이나 구매 제안의 유인을 구성하지 않습니다.
SFL (NYSE: SFL) a annoncé une offre publique de 8.000.000 d'actions ordinaires, avec une option pour les souscripteurs d'acheter 1.200.000 actions supplémentaires. Les produits nets seront utilisés à des fins corporatives générales, y compris l'acquisition de navires. Morgan Stanley agit en tant que gestionnaire exclusif, tandis que BTIG est le gestionnaire principal de l'offre. L'offre est réalisée via un supplément de prospectus et un prospectus de base, avec une déclaration d'enregistrement déjà déposée et effective auprès de la SEC. Cette annonce ne constitue pas une offre de vente ou une sollicitation d'une offre d'achat de ces titres dans les juridictions où cela serait illégal.
SFL (NYSE: SFL) hat eine öffentliche Angebot von 8.000.000 Stammaktien angekündigt, mit der Option für Underwriter, zusätzlich 1.200.000 Aktien zu erwerben. Die Nettoerlöse werden für allgemeine Unternehmenszwecke verwendet, einschließlich Schiffsakquisitionen. Morgan Stanley fungiert als alleiniger Buchführungsmanager, während BTIG der Hauptmanager für das Angebot ist. Das Angebot erfolgt durch ein Prospektnachtrag und ein begleitendes Basisprospekt, mit einer bereits eingereichten und bei der SEC wirksamen Registrierungsanmeldung. Diese Ankündigung stellt kein Verkaufsangebot oder eine Aufforderung zum Kauf dieser Wertpapiere in Jurisdiktionen dar, in denen dies rechtswidrig wäre.
- Potential for fleet expansion through vessel acquisitions
- Opportunity to strengthen the company's capital position
- Engagement of reputable financial institutions as offering managers
- Potential dilution of existing shareholders' ownership
- Increase in outstanding shares may negatively impact earnings per share
- Market reaction to share offering could lead to short-term stock price pressure
Insights
The announced public offering of 8,000,000 common shares by SFL Corporation Ltd. is a significant move and could have various impacts on the company's financial health and stock performance. The injection of new capital from this offering will provide SFL with more liquidity, allowing them to execute their expansion plans, such as vessel acquisitions. This could potentially enhance the company's revenue streams and market position in the shipping industry. However, the issuance of new shares will dilute the existing shareholders' ownership, which might lead to short-term downward pressure on the stock price. The long-term impact will depend on how effectively the raised funds are utilized.
The offering through Morgan Stanley and BTIG indicates strong institutional support, which could be seen as a positive signal by the market. The over-allotment option of 1,200,000 additional shares suggests confidence in the demand for SFL's stock. Investors should watch the initial response to the offering and look for any fluctuations in trading volume, as these could provide insights into market sentiment. The timing of the offering might also be strategic, potentially capitalizing on favorable market conditions. Retail investors should consider the broader market environment and the shipping sector's outlook when evaluating this move.
The legal aspects of this public offering are meticulously handled, with a registration statement already filed and effective with the SEC. This compliance ensures that the process adheres to regulatory standards, minimizing the risk of legal complications. The prospectus supplement will provide detailed information about the offering, which is important for potential investors to understand the risks and benefits. From a legal standpoint, the structured and transparent approach enhances investor trust and aligns with best practices in securities offerings.
SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) today announced that it intends to offer, issue and sell to the public 8,000,000 of the Company’s common shares, par value
The Company also intends to grant the underwriters a 30-day over-allotment option to purchase up to an additional 1,200,000 Common Shares.
Morgan Stanley is acting as sole bookrunning manager for the Offering and BTIG, LLC is acting as lead manager for the Offering.
The Offering is being made only by means of a prospectus supplement and accompanying base prospectus. A registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC”) and is effective. A prospectus supplement related to the Offering will be filed with the SEC. You may obtain these documents for free, once available, by visiting EDGAR on the SEC website at sec.gov. Alternatively, a copy may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or from BTIG, LLC, 350 Bush Street, 9th FL, San Francisco, CA 94104, Attention: Syndicate Department at +1 415-248-2200 or by email at prospectusdelivery@btig.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
July 23, 2024
The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda
Investor and Analyst Contacts:
Aksel Olesen, Chief Financial Officer, SFL Management AS
+47 23 11 40 36
André Reppen, Chief Treasurer & Senior Vice President, SFL Management AS
+47 23 11 40 55
Sander Borgli, Vice President - IR, SFL Management AS
+47 23 11 40 73
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, SFL Management AS
+47 23 11 40 11
About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company's website: www.sflcorp.com
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the ongoing coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FAQ
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