Exhibit 99.3
CAPITALIZATION
The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash and (iii) consolidated capitalization as of September 30, 2015 on:
• | an actual basis; and |
• | an as adjusted basis giving effect to (i) scheduled debt repayments of $75.1 million, including $54.8 million as part of the refinancing program for debt extinguishment, (ii) total drawdowns of $101.8 million for the pre-delivery financing ofHull 5010andHull 5013, the financing of the suezmax tankerPentathlon,amounting to $39.9 million, and the drawdown of $51.6 million as part of the refinancing program for debt extinguishment, (iii) the payment of $4.0 million of preference share dividends, and (iv) the payment of $17.1 million for the acquisition of the suezmax tankerPentathlon. |
Other than these adjustments, there has been no material change in our capitalization from debt or equity issuances, re-capitalization or special dividends between September 30, 2015 and December 7, 2015.
This table should be read in conjunction with our consolidated financial statements and the notes thereto, “Results of operations-management’s discussion & analysis” in Exhibit 99.2 to the Report on Form 6-K to which this Capitalization is attached as Exhibit 99.3, and “Item 5. Operating and Financial Review and Prospects”, included in our Annual Report on Form 20-F for the year ended December 31, 2014.
As of September 30, 2015 | ||||||||
In thousands of U.S. Dollars | Actual | Adjusted | ||||||
Cash | ||||||||
Cash and cash equivalents | $ | 280,476 | $ | 291,779 | ||||
Restricted cash | 20,751 | 15,051 | ||||||
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Total cash | $ | 301,227 | $ | 306,830 | ||||
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Capitalization | ||||||||
Debt: | ||||||||
Long-term secured debt obligations (including current portion) | $ | 1,370,752 | $ | 1,397,423 | ||||
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Stockholders’ equity: | ||||||||
Preferred shares, $1.00 par value; 15,000,000 shares authorized and 2,000,000 Series B Preferred Shares and 2,000,000 Series C Preferred Shares and 3,400,000 Series D Preferred Shares issued and outstanding on an actual and on an as adjusted basis | 7,400 | 7,400 | ||||||
Common shares, $1.00 par value; 185,000,000 shares authorized and 87,338,652 shares issued and outstanding on an actual and on an as adjusted basis | 87,339 | 87,339 | ||||||
Additional paid-in capital | 752,001 | 752,001 | ||||||
Accumulated other comprehensive loss | (13,817 | ) | (13,817 | ) | ||||
Retained earnings | 531,790 | 527,821 | ||||||
Non-controlling interest | 11,524 | 11,524 | ||||||
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Total stockholders’ equity | 1,376,237 | 1,372,268 | ||||||
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Total capitalization | $ | 2,746,989 | $ | 2,769,691 | ||||
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