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HAMILTON, Bermuda, Oct. 11, 2013 (GLOBE NEWSWIRE) --
Frontline Ltd. FRO ("Frontline" or the "Company") today announced that it
has entered into a private agreement to exchange $25 million of the outstanding
principal amount of the Company's 4.5% Convertible Bond Issue 2010/2015 (the
"Bonds") for an aggregate of approximately 5.8 million shares at an exchange
price of $2.41 per share, the closing price of the Company's shares on the New
York Stock Exchange on October 10, 2013, and a cash payment of $2,250,000. In
addition, under the exchange agreement, Frontline has agreed to issue, on
October 18, 2013, up to an additional 1.2 million shares to the holders of the
Bonds based on an agreed formula if the 5-day volume-weighted average price
(VWAP) of the Company's shares, for the period ending October 17, 2013, is lower
than the exchange price, subject to a minimum VWAP price of $2.00 per share.
The issuance of the common shares to the holders of the Bonds is expected to
close on October 16, 2013.
October 11, 2013
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Jens Martin Jensen: Chief Executive Officer, Frontline Management AS
+47 23 11 40 00
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00
FORWARD LOOKING STATEMENTS
This report contains forward-looking statements including but not limited to
statements regarding the Company's financing activities and other future
activities. These forward-looking statements are subject to risks and
uncertainties, and actual results may differ materially. Certain factors that
may affect actual results to differ materially include, without limitation, our
ability to complete and a delay in completing the debt-for-equity exchange
described above. Please refer to Frontline's SEC filings for more information on
the other factors that could cause actual results to differ materially from
expectations, specifically the sections titled "Risk Factors" and "Forward-
Looking Statements" in the Company's Annual Report on Form 20-F.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1735058]
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