The tanker company told the Oslo stock exchange it had entered into a private agreement with holders of the 4.5% issue to swap the paper for 3.98m shares at an exchange price of $3.12 per share, and a cash payment of $9.56m plus accrued interest.
It will also issue another 760,000 shares on 23 December if the five-day volume-weighted average price of the stock is lower than the exchange price.
This
