|
|
|
Bermuda
|
|
N/A
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
Golden Ocean Group Limited
Par-la-Ville Place
14 Par-la-Ville Road
Hamilton HM 08
Bermuda
(441) 295-6935
|
|
Seward & Kissel LLP
Attention: Gary J. Wolfe, Esq.
One Battery Park Plaza
New York, New York 10004
(212) 574-1200
|
(Address and telephone number of Registrant's
principal executive offices)
|
|
(Name, address and telephone number of agent
for service)
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|
|
|
|||||||||
Title of Each Class of
Securities to be Registered
|
|
Amount
to be
Registered(1)
|
|
Proposed
Maximum
Aggregate
Offering Price
|
|
|
Amount of
Registration Fee
|
|
||
Primary Offering
|
|
|
|
|
|
|
|
|
||
Common Shares, par value $0.01 per share
|
|
|
|
|
|
|
|
|
||
Preferred Shares
|
|
|
|
|
|
|
|
|
||
Debt Securities(4)
|
|
|
|
|
|
|
|
|
||
Warrants(5)
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|
|
|
|
|
|
|
|
||
Purchase Contracts(6)
|
|
|
|
|
|
|
|
|
||
Rights(7)
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|
|
|
|
|
|
||
Units(8)
|
|
|
|
|
|
|
|
|
||
Primary Offering Total
|
|
$400,000,000
|
|
$
|
400,000,000
|
(1)(2)
|
|
$
|
40,280
|
(3)
|
1. | Such amount in U.S. dollars or the equivalent thereof in foreign currencies as shall result in an aggregate initial public offering price for all securities of $400,000,000. Also includes such indeterminate amount of debt securities and common shares and preferred shares as may be issued upon conversion or exchange for any other debt securities or preferred shares that provide for conversion or exchange into other securities. |
2. | Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933. Pursuant to General Instruction II.C of Form F-3, the table does not specify by each class information as to the proposed maximum aggregate offering price. Any securities registered hereunder may be sold separately or as units with other securities registered hereunder. In no event will the aggregate offering price of all securities sold by Golden Ocean Group Limited pursuant to this registration statement exceed $400,000,000. |
3. | Calculated in accordance with Rule 457(o) under the Securities Act of 1933. |
4. | If any debt securities are issued at an original issue discount, then the offering may be in such greater principal amount as shall result in a maximum aggregate offering price not to exceed $400,000,000. |
5. | There is being registered hereunder an indeterminate number of warrants as may from time to time be sold at indeterminate prices not to exceed an aggregate offering price of $400,000,000. |
6. | There is being registered hereunder an indeterminate number of purchase contracts as may from time to time be sold at indeterminate prices not to exceed an aggregate offering price of $400,000,000. |
7. | There is being registered hereunder an indeterminate amount of rights as may from time to time be added at indeterminate prices not to exceed an aggregate offering price of $400,000,000. |
8. | There is being registered hereunder an indeterminate number of units as may from time to time be sold at indeterminate prices not to exceed an aggregate offering price of $400,000,000. Units may consist of any combination of the securities offered by Golden Ocean Group Limited registered hereunder. |
|
(1) | our common shares, |
(2) | our preferred shares, |
(3) | our debt securities, |
(4) | our warrants, |
(5) | our purchase contracts, |
(6) | our rights; and |
(7) | our units. |
Page
|
|
PROSPECTUS SUMMARY
|
1
|
RISK FACTORS
|
5
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
|
6
|
SHARE HISTORY AND MARKETS
|
8
|
USE OF PROCEEDS
|
9
|
CAPITALIZATION
|
10
|
ENFORCEMENT OF CIVIL LIABILITIES
|
11
|
RATIO OF EARNINGS TO FIXED CHARGES
|
12
|
PLAN OF DISTRIBUTION
|
13
|
DESCRIPTION OF CAPITAL STOCK
|
15
|
DESCRIPTION OF DEBT SECURITIES
|
22
|
DESCRIPTION OF WARRANTS
|
27
|
DESCRIPTION OF PURCHASE CONTRACTS
|
28
|
DESCRIPTION OF RIGHTS
|
29
|
DESCRIPTION OF UNITS
|
30
|
EXPENSES
|
31
|
LEGAL MATTERS
|
31
|
EXPERTS
|
31
|
WHERE YOU CAN FIND ADDITIONAL INFORMATION
|
31
|
Vessel
|
Built
|
DWT
|
Flag
|
Type of Employment
|
||||
Capesize – owned tonnage
|
||||||||
Golden Feng
|
2009
|
169,232
|
MI
|
Spot related time charter
|
||||
Golden Shui
|
2009
|
169,333
|
MI
|
Spot related time charter
|
||||
KSL Salvador
|
2014
|
180,958
|
HK
|
Index related time charter with RWE
|
||||
KSL San Francisco
|
2014
|
181,066
|
HK
|
Index related time charter with RWE
|
||||
KSL Santiago
|
2014
|
181,020
|
HK
|
Index related time charter with RWE
|
||||
KSL Santos
|
2014
|
181,055
|
HK
|
Spot market
|
||||
KSL Sapporo
|
2014
|
180,960
|
HK
|
Spot market
|
||||
KSL Seattle
|
2014
|
181,015
|
HK
|
Index related time charter with RWE
|
||||
KSL Singapore
|
2014
|
181,062
|
HK
|
Index related time charter with RWE
|
||||
KSL Sydney
|
2014
|
181,000
|
HK
|
Index related time charter with RWE
|
||||
KSL Sakura
|
2015
|
181,062
|
HK
|
Spot market
|
||||
Golden Kathrine
|
2015
|
182,486
|
HK
|
Spot market
|
||||
KSL Seoul
|
2015
|
181,010
|
HK
|
Index related time charter with RWE
|
||||
KSL Seville
|
2015
|
181,062
|
HK
|
Spot market
|
||||
KSL Stockholm
|
2015
|
181,055
|
HK
|
Index related time charter with RWE
|
||||
Golden Aso
|
2015
|
182,472
|
HK
|
Spot market
|
||||
Golden Finsbury
|
2015
|
182,418
|
HK
|
Spot market
|
||||
Golden Barnet
|
2016
|
180,355
|
HK
|
Spot market
|
||||
Golden Bexley
|
2016
|
180,209
|
HK
|
Spot market
|
||||
Golden Scape
|
2016
|
210,000
|
HK
|
Spot market
|
||||
Golden Swift
|
2016
|
210,000
|
HK
|
Spot market
|
||||
Capesize – Time chartered-in from Ship Finance
|
||||||||
Battersea
|
2009
|
169,500
|
MI
|
Spot market
|
||||
Belgravia
|
2009
|
169,500
|
MI
|
Spot market
|
||||
Golden Future
|
2010
|
176,000
|
HK
|
Spot market
|
||||
Golden Zhejiang
|
2010
|
176,000
|
HK
|
Spot market
|
||||
KSL China
|
2013
|
179,000
|
MI
|
Spot market
|
||||
Golden Magnum
|
2009
|
179,788
|
HK
|
Spot market
|
||||
Golden Beijing
|
2010
|
176,000
|
HK
|
Spot market
|
||||
Golden Zhoushan
|
2011
|
175,834
|
HK
|
Spot market
|
||||
Capesize Time chartered-in from third parties
|
||||||||
HL Passion (formerly Front Baltic)
|
2015
|
180,000
|
PAN
|
Spot market
|
||||
HL Pioneer (formerly Front Caribbean)
|
2016
|
180,000
|
PAN
|
Spot market
|
||||
Owned through a joint venture
|
||||||||
Golden Opus (1)
|
2010
|
180,716
|
HK
|
Spot market
|
||||
Capesize – newbuilding
|
||||||||
Golden Fulham
|
2016
|
180,000
|
n/a
|
n/a
|
||||
Golden Surabaya
|
2016
|
180,000
|
n/a
|
n/a
|
||||
Golden Cirrus
|
2016
|
180,000
|
n/a
|
n/a
|
||||
Golden Savannah
|
2016
|
180,000
|
n/a
|
n/a
|
||||
Golden Arcus
|
2016
|
180,000
|
n/a
|
n/a
|
||||
Golden Cumulus
|
2016
|
180,000
|
n/a
|
n/a
|
||||
Golden Incus
|
2016
|
180,000
|
n/a
|
n/a
|
||||
Front Mediterranean (2)
|
2016
|
180,000
|
n/a
|
n/a
|
||||
Golden Calvus
|
2017
|
180,000
|
n/a
|
n/a
|
||||
Golden Nimbus
|
2017
|
180,000
|
n/a
|
n/a
|
||||
Ice class Panamax – owned tonnage
|
||||||||
Golden Ice
|
2008
|
75,500
|
HK
|
Spot market
|
||||
Golden Opportunity
|
2008
|
75,500
|
HK
|
Spot market
|
||||
Golden Saguenay
|
2008
|
75,500
|
HK
|
Spot market
|
||||
Golden Strength
|
2009
|
75,500
|
HK
|
Spot market
|
||||
Golden Suek
|
2011
|
74,849
|
HK
|
Time charter (expires 2016)
|
||||
Golden Bull
|
2012
|
75,000
|
HK
|
Time charter (expires 2017)
|
||||
Golden Brilliant
|
2013
|
74,500
|
HK
|
Spot market
|
||||
Golden Diamond
|
2013
|
74,500
|
HK
|
Spot market
|
||||
Golden Pearl
|
2013
|
74,186
|
HK
|
Spot market
|
||||
Golden Ruby
|
2014
|
74,052
|
HK
|
Spot market
|
Vessel
|
Built
|
DWT
|
Flag
|
Type of Employment
|
||||
Panamax – Leased from third parties
|
||||||||
Golden Lyderhorn (3)
|
1999
|
74,242
|
HK
|
Spot market
|
||||
Kamsarmax – owned tonnage
|
||||||||
Golden Eminence
|
2010
|
79,463
|
HK
|
Spot market
|
||||
Golden Empress
|
2010
|
79,463
|
HK
|
Time charter (expires 2021)
|
||||
Golden Endeavour
|
2010
|
79,454
|
HK
|
Time charter (expires 2020)
|
||||
Golden Endurer
|
2011
|
79,474
|
HK
|
Time charter (expires 2020)
|
||||
Golden Enterprise
|
2011
|
79,463
|
HK
|
Spot market
|
||||
Golden Daisy
|
2012
|
81,507
|
MI
|
Spot market
|
||||
Golden Ginger
|
2012
|
81,487
|
MI
|
Spot market
|
||||
Golden Rose
|
2012
|
81,585
|
MI
|
Spot market
|
||||
Kamsarmax - Leased from third party
|
||||||||
Golden Eclipse (4)
|
2010
|
79,600
|
HK
|
Time charter (expires 2020)
|
||||
Supramax - owned
|
||||||||
Golden Aries
|
2015
|
63,605
|
HK
|
Spot market
|
||||
Golden Cecilie
|
2015
|
60,263
|
HK
|
Spot market
|
||||
Golden Cathrine
|
2015
|
60,000
|
HK
|
Spot market
|
||||
Golden Gemini
|
2015
|
63,605
|
HK
|
Spot market
|
||||
Golden Taurus
|
2015
|
64,000
|
HK
|
Spot market
|
||||
Supramax - Time chartered-in from third party
|
||||||||
Golden Hawk
|
2015
|
58,000
|
PAN
|
Spot market
|
||||
Supramax - newbuildings
|
||||||||
Golden Leo
|
2016
|
63,800
|
n/a
|
n/a
|
||||
Golden Libra
|
2016
|
63,800
|
n/a
|
n/a
|
||||
Golden Virgo
|
2016
|
63,800
|
n/a
|
n/a
|
1. | This vessel is owned through a joint venture with ST Shipping and Transportation Pte Ltd. |
2. | In April 2015, we agreed to sell this newbuilding vessel following the completion of construction and its delivery to us. |
3. | This vessel is chartered in on a bareboat charter expiring in September 2016 and is recorded as a vessel under capital lease. |
4. | This vessel is chartered in on a bareboat charter expiring in February 2020 and is recorded as a vessel under capital lease. |
|
1.
|
common shares,
|
|
2.
|
preferred shares,
|
|
3.
|
debt securities,
|
|
4.
|
warrants,
|
|
5.
|
purchase contracts,
|
|
6.
|
rights, and
|
|
7.
|
units.
|
· | our future operating or financial results; |
· | statements about planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs; |
· | the strength of world economies; |
· | stability of Europe and the Euro; |
· | fluctuations in interest rates and foreign exchange rates; |
· | general dry bulk shipping market conditions, including fluctuations in charter hire rates and vessel values; |
· | changes in demand in the dry bulk shipping industry, including the market for our vessels; |
· | changes in our operating expenses, including bunker prices, dry docking and insurance costs; |
· | changes in governmental rules and regulations or actions taken by regulatory authorities; |
· | potential liability from pending or future litigation; |
· | general domestic and international political conditions; |
· | potential disruption of shipping routes due to accidents or political events; |
· | our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; |
· | our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; |
· | our ability to successfully employ our existing and newbuilding dry bulk vessels; |
· | our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue); |
· | risks associated with vessel construction; |
· | potential exposure or loss from investment in derivative instruments; |
· | potential conflicts of interest involving members of our board of directors, or the Board, and senior management; |
· | our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned; |
· | vessel breakdowns and instances of off-hire; and |
· | statements about dry bulk shipping market trends, charter rates and factors affecting supply and demand. |
NASDAQ
|
OSE
|
OSE - R
|
||||||||||
Fiscal year ended December 31, 2016
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
||||||
First quarter
|
$
|
1.07
|
$
|
0.51
|
NOK9.58
|
NOK4.26
|
NOK 5.70
|
NOK 4.02
|
NASDAQ
|
OSE
|
OSE - R
|
||||||||||
Month
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
||||||
May 2016 (through May 11, 2016)
|
$
|
0.89
|
$
|
0.68
|
NOK 7.28
|
NOK 5.56
|
NOK 5.99
|
NOK 5.00
|
||||
April 2016
|
$
|
0.98
|
$
|
0.65
|
NOK 7.60
|
NOK 5.42
|
NOK 6.30
|
NOK 4.95
|
($000s)
|
2011
|
2012
|
2013
|
2014
|
2015
|
|||||||||||||||
Earnings
|
||||||||||||||||||||
Net income (loss)
|
32,652
|
(53,429
|
)
|
(3,903
|
)
|
15,995
|
(220,839
|
)
|
||||||||||||
Add: tax expense
|
–
|
–
|
–
|
–
|
189
|
|||||||||||||||
Add: loss from equity investees
|
–
|
–
|
–
|
–
|
5,033
|
|||||||||||||||
Add: (income) loss from discontinued operations
|
(5,594
|
)
|
59,311
|
7,433
|
258
|
–
|
||||||||||||||
Pre-tax income (loss) from continuing operations before loss from equity investees
|
27,058
|
5,882
|
3,530
|
16,253
|
(215,617
|
)
|
||||||||||||||
|
||||||||||||||||||||
Add: fixed charges
|
3,529
|
3,765
|
3,235
|
6,704
|
47,386
|
|||||||||||||||
Add: amortization of capitalized interest
|
–
|
–
|
–
|
18
|
63
|
|||||||||||||||
Less: interest capitalized
|
–
|
–
|
(408
|
)
|
(4,179
|
)
|
(8,979
|
)
|
||||||||||||
Add: distributed income of equity investees
|
–
|
–
|
–
|
–
|
88
|
|||||||||||||||
Total Earnings
|
30,587
|
9,647
|
6,358
|
18,796
|
(177,059
|
)
|
||||||||||||||
|
||||||||||||||||||||
Fixed Charges
|
||||||||||||||||||||
Interest expensed(2)
|
3,529
|
3,765
|
2,827
|
2,525
|
28,270
|
|||||||||||||||
Interest capitalized
|
–
|
–
|
408
|
4,179
|
8,979
|
|||||||||||||||
Estimate of interest within rental expense(3)
|
–
|
–
|
–
|
–
|
10,137
|
|||||||||||||||
Total Fixed Charges
|
3,529
|
3,765
|
3,235
|
6,704
|
47,386
|
|||||||||||||||
|
||||||||||||||||||||
Ratio of Earnings to Fixed Charges
|
8.7
|
2.6
|
2.0
|
2.8
|
N/A
|
(5)
|
· | a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction; |
· | purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; or |
· | ordinary brokerage transactions and transactions in which a broker solicits purchasers. |
· | enter into transactions involving short sales of our common shares by broker-dealers; |
· | sell common shares short and deliver the shares to close out short positions; |
· | enter into option or other types of transactions that require us to deliver common shares to a broker-dealer, who will then resell or transfer the common shares under this prospectus; or |
· | loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares. |
· | the designation, aggregate principal amount and authorized denominations; |
· | the issue price, expressed as a percentage of the aggregate principal amount; |
· | the maturity date; |
· | the interest rate per annum, if any; |
· | if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will commence and the regular record dates for interest payment dates; |
· | any optional or mandatory sinking fund provisions or exchangeability provisions; |
· | the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price, the conversion period and other conversion provisions; |
· | whether the debt securities will be our senior or subordinated securities; |
· | whether the debt securities will be our secured or unsecured obligations; |
· | the applicability and terms of any guarantees; |
· | the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory redemptions; |
· | if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the debt securities of the series will be issuable; |
· | if other than the full principal amount, the portion of the principal amount of the debt securities of the series which will be payable upon acceleration or provable in bankruptcy; |
· | any events of default not set forth in this prospectus; |
· | the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of America; |
· | if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made; |
· | whether interest will be payable in cash or additional securities at our or the holder's option and the terms and conditions upon which the election may be made; |
· | if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of determining the voting rights of holders of those debt securities under the applicable indenture; |
· | if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the debt securities of the series are stated to be payable, the manner in which the amounts will be determined; |
· | any restrictive covenants or other material terms relating to the debt securities; |
· | whether the debt securities will be issued in the form of global securities or certificates in registered form; |
· | any listing on any securities exchange or quotation system; |
· | additional provisions, if any, related to defeasance and discharge of the debt securities; and |
· | any other special features of the debt securities. |
· | our ability to incur either secured or unsecured debt, or both; |
· | our ability to make certain payments, dividends, redemptions or repurchases; |
· | our ability to create dividend and other payment restrictions affecting our subsidiaries; |
· | our ability to make investments; |
· | mergers and consolidations by us or our subsidiaries; |
· | sales of assets by us; |
· | our ability to enter into transactions with affiliates; |
· | our ability to incur liens; and |
· | sale and leaseback transactions. |
(1) | changes the amount of securities whose holders must consent to an amendment, supplement or waiver; |
(2) | reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any such section which would not materially adversely affect the legal rights of any holder under the indenture) or the price at which we are required to offer to purchase the securities; |
(3) | reduces the principal or changes the maturity of any security or reduces the amount of, or postpones the date fixed for, the payment of any sinking fund or analogous obligation; |
(4) | waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of acceleration of the securities of any series by the holders of at least a majority in principal amount of the outstanding securities of that series and a waiver of the payment default that resulted from such acceleration); |
(5) | makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security; |
(6) | makes any change with respect to holders' rights to receive principal and interest, the terms pursuant to which defaults can be waived, certain modifications affecting shareholders or certain currency-related issues; or |
(7) | waives a redemption payment with respect to any security or changes any of the provisions with respect to the redemption of any securities; |
· | default in any payment of interest when due which continues for 30 days; |
· | default in any payment of principal or premium at maturity; |
· | default in the deposit of any sinking fund payment when due; |
· | default in the performance of any covenant in the debt securities or the applicable indenture which |
· | continues for 60 days after we receive notice of the default; |
· | default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or liable therefor) having a principal amount in excess of a minimum amount set forth in the applicable subsequent filings, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or cured within 30 days after we receive notice of the default; and |
· | events of bankruptcy, insolvency or reorganization. |
· | the title of such warrants; |
· | the aggregate number of such warrants; |
· | the price or prices at which such warrants will be issued; |
· | the currency or currencies, in which the price of such warrants will be payable; |
· | the securities purchasable upon exercise of such warrants; |
· | the price at which and the currency or currencies, in which the securities upon exercise of such warrants may be purchased; |
· | the date on which the right to exercise such warrants shall commence and the date on which such right shall expire; |
· | if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; |
· | if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security; |
· | if applicable, the date on and after which such warrants and the related securities will be separately transferable; |
· | information with respect to book-entry procedures, if any; |
· | if applicable, a discussion of any material U.S. federal income tax considerations; and |
· | any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. |
· | debt or equity securities issued by us as specified in the applicable prospectus supplement; or |
· | currencies. |
· | the exercise price for the rights; |
· | the number of rights issued to each shareholder; |
· | the extent to which the rights are transferable; |
· | any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights; |
· | the date on which the right to exercise the rights will commence and the date on which the right will expire; |
· | the amount of rights outstanding; |
· | the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and |
· | the material terms of any standby underwriting arrangement entered into by us in connection with the rights offering. |
· | the terms of the units and of the rights, purchase contracts, warrants, debt securities, preferred shares and common shares comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately; |
· | a description of the terms of any unit agreement governing the units; |
· | if applicable, a discussion of any material U.S. federal income tax considerations; and |
· | a description of the provisions for the payment, settlement, transfer or exchange of the units. |
|
||||
SEC registration fee
|
$
|
40,280
|
||
FINRA Fee
|
$
|
60,500
|
||
Legal fees and expenses
|
$
|
*
|
||
Printing and engraving expenses
|
$
|
*
|
||
NASDAQ Listing of Additional Shares Fee
|
$
|
*
|
||
Accounting fees and expenses
|
$
|
*
|
||
Miscellaneous
|
$
|
*
|
||
Total
|
$
|
*
|
*
|
To be provided by a prospectus supplement or as an exhibit to a report on Form 6-K that is incorporated by reference into this registration statement.
|
· | Report on Form 6-K, which was furnished to the Commission on May 13, 2016, which contains our unaudited pro forma condensed combined financial information for the year ended December 31, 2015. |
· | Amendment to Annual Report on Form 20-F/A for the year ended December 31, 2015, filed with the Commission on May 2, 2016, solely to include a statement that the Company, as permitted by SEC rules and Bermuda law, has chosen to have an audit committee that consists of two members that currently meet NASDAQ independence requirements. |
· | Annual Report on Form 20-F for the year ended December 31, 2015, filed with the Commission on April 14, 2016, which contains audited consolidated financial statements for the most recent fiscal year for which those statements have been filed. |
· | Exhibit I of the report on Form 6-K, which was furnished to the Commission on May 21, 2015, which contains Consolidated Financial Statements for the fiscal year ended December 31, 2014, of the Former Golden Ocean. |
Item 8. | Indemnification of Directors and Officers |
158. | Subject to the provisions of Bye-law 166, no Director, Alternate Director, Officer, person or member of a committee authorised under Bye-law 118, Resident Representative of the Company or his heirs, executors or administrators shall be liable for the acts, receipts, neglects, or defaults of any other such person or any person involved in the formation of the Company, or for any loss or expense incurred by the Company through the insufficiency or deficiency of title to any property acquired by the Company, or for the insufficiency of deficiency of any security in or upon which any of the monies of the Company shall be invested, or for any loss or damage arising from the bankruptcy, insolvency, or tortious act of any person with whom any monies, securities, or effects shall be deposited, or for any loss occasioned by any error of judgment, omission, default, or oversight on his part, or for any other loss, damage or misfortune whatever which shall happen in relation to the execution of his duties, or supposed duties, to the Company or otherwise in relation thereto. |
159. | Subject to the provisions of Bye-law 166, every Director, Alternate Director, Officer, person or member of a committee authorised under Bye-law 118, Resident Representative of the Company and their respective heirs, executors or administrators shall be indemnified and held harmless out of the funds of the Company to the fullest extent permitted by Bermuda law against all liabilities, loss, damage or expense (including but not limited to liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him as such Director, Alternate Director, Officer, person or committee member or Resident Representative and the indemnity contained in this Bye-law shall extend to any person acting as such Director, Alternate Director, Officer, person or committee member or Resident Representative in the reasonable belief that he has been so appointed or elected notwithstanding any defect in such appointment or election. |
160. | Every Director, Alternate Director, Officer, person or member of a committee duly authorised under Bye-law 118, Resident Representative of the Company and their respective heirs, executors or administrators shall be indemnified out of the funds of the Company against all liabilities incurred by him as such Director, Alternate Director, Officer, person or committee member or Resident Representative in defending any proceedings, whether civil or criminal, in which judgment is given in his favour, or in which he is acquitted, or in connection with any application under the Companies Acts in which relief from liability is granted to him by the court. |
161. | To the extent that any Director, Alternate Director, Officer, person or member of a committee duly authorised under Bye-law 118, Resident Representative of the Company or any of their respective heirs, executors or administrators is entitled to claim an indemnity pursuant to these Bye-laws in respect of amounts paid or discharged by him, the relative indemnity shall take effect as an obligation of the Company to reimburse the person making such payment or effecting such discharge. |
162. | The Board may arrange for the Company to be insured in respect of all or any part of its liability under the provision of these Bye-laws and may also purchase and maintain insurance for the benefit of any Directors, Alternate Directors, Officers, person or member of a committee authorised under Bye-law 118, employees or Resident Representatives of the Company in respect of any liability that may be incurred by them or any of them howsoever arising in connection with their respective duties or supposed duties to the Company. This Bye-law shall not be construed as limiting the powers of the Board to effect such other insurance on behalf of the Company as it may deem appropriate. |
163. | Notwithstanding anything contained in the Principal Act, the Company may advance moneys to an Officer or Director for the costs, charges and expenses incurred by the Officer or Director in defending any civil or criminal proceedings against them on the condition that the Director or Officer shall repay the advance if any allegation of fraud or dishonesty is proved against them. |
164. | Each member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director, Alternate Director, Officer of the Company, person or member of a committee authorised under Bye-law 118, Resident Representative of the Company or any of their respective heirs, executors or administrators on account of any action taken by any such person, or the failure of any such person to take any action in the performance of his duties, or supposed duties, to the Company or otherwise in relation thereto. |
165. | The restrictions on liability, indemnities and waivers provided for in Bye-laws 158 to 164 inclusive shall not extend to any matter which would render the same void pursuant to the Companies Acts. |
166. | The restrictions on liability, indemnities and waivers contained in Bye-laws 158 to 164 inclusive shall be in addition to any rights which any person concerned may otherwise be entitled by contract or as a matter of applicable Bermuda law. |
Item 9. | Exhibits |
Item 10. | Undertakings |
(A) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of this Registration Statement as of the date the filed prospectus was deemed part of and included in this Registration Statement; and |
(B) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of 314 securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
|
Golden Ocean Group Limited
|
||
|
|
|
|
|
By:
|
|
/s/ Birgitte Ringstad Vartdal
|
|
Name:
|
|
Birgitte Ringstad Vartdal
|
|
Title:
|
|
Principal Executive Officer
|
|
|
|||
|
|
|||
/s/ John Fredriksen
|
|
Director
|
||
John Fredriksen
|
|
|
||
|
|
|||
/s/ Ola Lorentzon
|
|
Director and Chairman of the Board
|
||
Ola Lorentzon
|
|
|
||
/s/ Hans Petter Aas
|
Director
|
|||
Hans Petter Aas
|
|
|||
|
|
|
||
/s/ Gert-Jan van der Akker
|
Director
|
|||
Gert-Jan van der Akker
|
|
|||
/s/ Kate Blankenship
|
Director
|
|||
Kate Blankenship
|
|
|||
|
|
|
||
/s/ Birgitte Ringstad Vartdal
|
Principal Executive Officer
|
|||
Birgitte Ringstad Vartdal
|
|
|||
|
|
|
||
/s/ Per Heiberg
|
Principal Financial and Accounting Officer
|
|||
Per Heiberg
|
|
|
|
PUGLISI & ASSOCIATES
|
||
|
|
|
||
|
|
|
By:
|
/s/ Donald Puglisi
|
Name: | Donald Puglisi |
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
1.1
|
|
Form of Underwriting Agreement (for equity securities)(1)
|
|
|
|
1.2
|
|
Form of Underwriting Agreement (for debt securities)(1)
|
|
|
|
4.1
|
|
Form of Common Share Certificate
|
|
|
|
4.2
|
|
Form of Preferred Share Certificate(1)
|
|
|
|
4.3
|
|
Form of Warrant Agreement(1)
|
|
|
|
4.4
|
|
Form of Purchase Contract(1)
|
|
|
|
4.5
|
|
Form of Senior Indenture
|
|
|
|
4.6
|
|
Form of Subordinated Indenture
|
|
|
|
4.7
|
|
Form of Unit Agreement(1)
|
|
|
|
4.8
|
|
Form of Rights Agreement(1)
|
|
|
|
5.1
|
|
Opinion of MJM Limited, Bermuda counsel to the Company
|
5.2
|
Opinion of Seward & Kissel LLP, US Counsel to the Company
|
|
|
|
|
23.1
|
|
Consent of MJM Limited, Bermuda Counsel to the Company (included in Exhibit 5.1)
|
23.2
|
|
Consent of Seward & Kissel LLP, US Counsel to the Company (included in Exhibit 5.2)
|
|
|
|
23.3
|
|
Consent of PricewaterhouseCoopers AS
|
23.4
|
Consent of PricewaterhouseCoopers AS
|
|
|
|
|
24.1
|
|
Power of Attorney (contained in signature page)
|
|
|
|
25.1
|
|
Form of T-1 Statement of Eligibility (senior indenture)(1)
|
|
|
|
25.2
|
|
Form of T-1 Statement of Eligibility (subordinated indenture)(1)
|
(1)
|
To be filed as an amendment or as an exhibit to a report filed pursuant to the Securities Exchange Act of 1934 and incorporated by reference into this registration statement.
|
|
|
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
|
1
|
|||||
SECTION 1.01.
|
Definitions.
|
1
|
||||
SECTION 1.02.
|
Other Definitions.
|
5
|
||||
SECTION 1.03.
|
Incorporation by Reference of Trust Indenture Act.
|
5
|
||||
SECTION 1.04.
|
Rules of Construction.
|
6
|
||||
ARTICLE II THE SECURITIES
|
6
|
|||||
SECTION 2.01.
|
Issuable in Series.
|
6
|
||||
SECTION 2.02.
|
Establishment of Terms of Series of Securities.
|
7
|
||||
SECTION 2.03.
|
Execution and Authentication.
|
9
|
||||
SECTION 2.04.
|
Registrar and Paying Agent.
|
10
|
||||
SECTION 2.05.
|
Paying Agent to Hold Money in Trust.
|
10
|
||||
SECTION 2.06.
|
Securityholder Lists.
|
11
|
||||
SECTION 2.07.
|
Transfer and Exchange.
|
11
|
||||
SECTION 2.08.
|
Mutilated, Destroyed, Lost and Stolen Securities.
|
12
|
||||
SECTION 2.09.
|
Outstanding Securities.
|
12
|
||||
SECTION 2.10.
|
Treasury Securities.
|
13
|
||||
SECTION 2.11.
|
Temporary Securities.
|
13
|
||||
SECTION 2.12.
|
Cancellation.
|
13
|
||||
SECTION 2.13.
|
Defaulted Interest.
|
14
|
||||
SECTION 2.14.
|
Global Securities.
|
14
|
||||
SECTION 2.15.
|
CUSIP Numbers.
|
16
|
||||
ARTICLE III REDEMPTION
|
16
|
|||||
SECTION 3.01.
|
Notice to Trustee.
|
16
|
||||
SECTION 3.02.
|
Selection of Securities to be Redeemed.
|
16
|
||||
SECTION 3.03.
|
Notice of Redemption.
|
17
|
||||
SECTION 3.04.
|
Effect of Notice of Redemption.
|
17
|
||||
SECTION 3.05.
|
Deposit of Redemption Price.
|
18
|
||||
SECTION 3.06.
|
Securities Redeemed in Part.
|
18
|
ARTICLE IV COVENANTS
|
18
|
|||||
SECTION 4.01.
|
Payment of Principal and Interest.
|
18
|
||||
SECTION 4.02.
|
SEC Reports.
|
18
|
||||
SECTION 4.03.
|
Compliance Certificate.
|
19
|
||||
SECTION 4.04.
|
Stay, Extension and Usury Laws.
|
20
|
||||
SECTION 4.05.
|
Corporate Existence.
|
20
|
||||
SECTION 4.06.
|
Taxes.
|
20
|
||||
SECTION 4.07.
|
Additional Interest Notice.
|
20
|
||||
SECTION 4.08.
|
Further Instruments and Acts.
|
20
|
||||
ARTICLE V SUCCESSORS
|
21
|
|||||
SECTION 5.01.
|
When Company May Merge, Etc.
|
21
|
||||
SECTION 5.02.
|
Successor Corporation Substituted.
|
21
|
||||
ARTICLE VI DEFAULTS AND REMEDIES
|
21
|
|||||
SECTION 6.01.
|
Events of Default.
|
21
|
||||
SECTION 6.02.
|
Acceleration of Maturity; Rescission and Annulment.
|
23
|
||||
SECTION 6.03.
|
Collection of Indebtedness and Suits for Enforcement by Trustee.
|
25
|
||||
SECTION 6.04.
|
Trustee May File Proofs of Claim.
|
25
|
||||
SECTION 6.05.
|
Trustee May Enforce Claims Without Possession of Securities.
|
26
|
||||
SECTION 6.06.
|
Application of Money Collected.
|
26
|
||||
SECTION 6.07.
|
Limitation on Suits.
|
26
|
||||
SECTION 6.08.
|
Unconditional Right of Holders to Receive Principal and Interest.
|
27
|
||||
SECTION 6.09.
|
Restoration of Rights and Remedies.
|
27
|
||||
SECTION 6.10.
|
Rights and Remedies Cumulative.
|
27
|
||||
SECTION 6.11.
|
Delay or Omission Not Waiver.
|
27
|
||||
SECTION 6.12.
|
Control by Holders.
|
28
|
||||
SECTION 6.13.
|
Waiver of Past Defaults.
|
28
|
||||
SECTION 6.14.
|
Undertaking for Costs.
|
28
|
||||
ARTICLE VII TRUSTEE
|
29
|
|||||
SECTION 7.01.
|
Duties of Trustee.
|
29
|
||||
SECTION 7.02.
|
Rights of Trustee.
|
30
|
SECTION 7.03.
|
Individual Rights of Trustee.
|
31
|
||||
SECTION 7.04.
|
Trustee's Disclaimer.
|
31
|
||||
SECTION 7.05.
|
Notice of Defaults.
|
31
|
||||
SECTION 7.06.
|
Reports by Trustee to Holders.
|
31
|
||||
SECTION 7.07.
|
Compensation and Indemnity.
|
32
|
||||
SECTION 7.08.
|
Replacement of Trustee.
|
32
|
||||
SECTION 7.09.
|
Successor Trustee by Merger, etc.
|
33
|
||||
SECTION 7.10.
|
Eligibility; Disqualification.
|
33
|
||||
SECTION 7.11.
|
Preferential Collection of Claims Against Company.
|
34
|
||||
ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE
|
34
|
|||||
SECTION 8.01.
|
Satisfaction and Discharge of Indenture.
|
34
|
||||
SECTION 8.02.
|
Application of Trust Funds; Indemnification.
|
35
|
||||
SECTION 8.03.
|
Legal Defeasance of Securities of any Series.
|
36
|
||||
SECTION 8.04.
|
Covenant Defeasance.
|
37
|
||||
SECTION 8.05.
|
Repayment to Company.
|
38
|
||||
ARTICLE IX AMENDMENTS AND WAIVERS
|
38
|
|||||
SECTION 9.01.
|
Without Consent of Holders.
|
38
|
||||
SECTION 9.02.
|
With Consent of Holders.
|
39
|
||||
SECTION 9.03.
|
Limitations.
|
40
|
||||
SECTION 9.04.
|
Compliance with Trust Indenture Act.
|
40
|
||||
SECTION 9.05.
|
Revocation and Effect of Consents.
|
41
|
||||
SECTION 9.06.
|
Notation on or Exchange of Securities.
|
41
|
||||
SECTION 9.07.
|
Trustee Protected.
|
41
|
||||
SECTION 9.08.
|
Effect of Supplemental Indenture.
|
41
|
||||
ARTICLE X MISCELLANEOUS
|
42
|
|||||
SECTION 10.01.
|
Trust Indenture Act Controls.
|
42
|
||||
SECTION 10.02.
|
Notices.
|
42
|
||||
SECTION 10.03.
|
Communication by Holders with Other Holders.
|
43
|
||||
SECTION 10.04.
|
Certificate and Opinion as to Conditions Precedent.
|
43
|
||||
SECTION 10.05.
|
Statements Required in Certificate or Opinion.
|
43
|
SECTION 10.06.
|
Record Date for Vote or Consent of Holders.
|
44
|
||||
SECTION 10.07.
|
Rules by Trustee and Agents.
|
44
|
||||
SECTION 10.08.
|
Legal Holidays.
|
44
|
||||
SECTION 10.09.
|
No Recourse Against Others.
|
44
|
||||
SECTION 10.10.
|
Counterparts.
|
45
|
||||
SECTION 10.11.
|
Governing Laws and Submission to Jurisdiction.
|
45
|
||||
SECTION 10.12.
|
No Adverse Interpretation of Other Agreements.
|
45
|
||||
SECTION 10.13.
|
Successors.
|
45
|
||||
SECTION 10.14.
|
Severability.
|
45
|
||||
SECTION 10.15.
|
Table of Contents, Headings, Etc.
|
46
|
||||
SECTION 10.16.
|
Securities in a Foreign Currency or in ECU.
|
46
|
||||
SECTION 10.17.
|
Judgment Currency.
|
46
|
||||
SECTION 10.18.
|
Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.
|
47
|
||||
ARTICLE XI SINKING FUNDS
|
47
|
|||||
SECTION 11.01.
|
Applicability of Article.
|
47
|
||||
SECTION 11.02.
|
Satisfaction of Sinking Fund Payments with Securities.
|
48
|
||||
SECTION 11.03.
|
Redemption of Securities for Sinking Fund.
|
48
|
Section 310(a)(1)
|
7.10
|
|
(a)(2)
|
7.10
|
|
(a)(3)
|
Not Applicable
|
|
(a)(4)
|
Not Applicable
|
|
(a)(5)
|
7.10
|
|
(b)
|
7.10
|
|
(c)
|
Not Applicable
|
|
Section 311(a)
|
7.11
|
|
(b)
|
7.11
|
|
(c)
|
Not Applicable
|
|
Section 312(a)
|
2.06
|
|
(b)
|
10.03
|
|
(c)
|
10.03
|
|
Section 313(a)
|
7.06
|
|
(b)(1)
|
7.06
|
|
(b)(2)
|
7.06
|
|
(c)(1)
|
7.06
|
|
(d)
|
7.06
|
|
Section 314(a)
|
4.02, 10.05
|
|
(b)
|
Not Applicable
|
|
(c)(1)
|
10.04
|
|
(c)(2)
|
10.04
|
|
(c)(3)
|
Not Applicable
|
|
(d)
|
Not Applicable
|
|
(e)
|
10.05
|
|
(f)
|
Not Applicable
|
|
Section 315(a)
|
7.01
|
|
(b)
|
7.05
|
|
(c)
|
7.01
|
|
(d)
|
7.01
|
|
(e)
|
6.14
|
|
Section 316(a)(1)(A)
|
6.12
|
|
(a)(1)(B)
|
6.13
|
|
(a)(2)
|
Not Applicable
|
|
(b)
|
6.13
|
|
(c)
|
10.06
|
|
Section 317(a)(1)
|
6.03
|
|
(a)(2)
|
6.04
|
|
(b)
|
2.05
|
|
Section 318(a)
|
10.01
|
TERM
|
DEFINED IN SECTION
|
|
"Applicable Law"
|
10.18
|
|
"Event of Default"
|
6.01
|
|
"Instrument"
|
6.01
|
|
"Journal"
|
10.16
|
|
"Judgment Currency"
|
10.17
|
|
"Legal Holiday"
|
10.08
|
|
"mandatory sinking fund payment"
|
11.01
|
|
"Market Exchange Rate"
|
10.16
|
|
"New York Banking Day"
|
10.17
|
|
"optional sinking fund payment"
|
11.01
|
|
"Paying Agent"
|
2.04
|
|
"Registrar"
|
2.04
|
|
"Required Currency"
|
10.17
|
|
"successor person"
|
5.01
|
|
"Temporary Securities"
|
2.11
|
|
GOLDEN OCEAN GROUP LIMITED
|
|||
By:
|
|||
Name:
|
|||
Its:
|
|||
[ ]
as Trustee
|
|||
By:
|
|||
Name:
|
|||
Its:
|
|||
By:
|
|||
Name:
|
|||
Its:
|
|||
[ ]
as Registrar and Paying Agent
|
|||
By:
|
|||
Name:
|
|||
Its:
|
|||
By:
|
|||
Name:
|
|||
Its:
|
Page
|
||||
|
|
|
||
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
|
1
|
|||
SECTION 1.01.
|
|
Definitions.
|
1
|
|
SECTION 1.02.
|
|
Other Definitions.
|
5
|
|
SECTION 1.03.
|
|
Incorporation by Reference of Trust Indenture Act.
|
5
|
|
SECTION 1.04.
|
|
Rules of Construction.
|
6
|
|
ARTICLE II THE SECURITIES
|
6
|
|||
SECTION 2.01.
|
|
Issuable in Series.
|
6
|
|
SECTION 2.02.
|
|
Establishment of Terms of Series of Securities.
|
7
|
|
SECTION 2.03.
|
|
Execution and Authentication.
|
9
|
|
SECTION 2.04.
|
|
Registrar and Paying Agent.
|
10
|
|
SECTION 2.05.
|
|
Paying Agent to Hold Money in Trust.
|
10
|
|
SECTION 2.06.
|
|
Securityholder Lists.
|
11
|
|
SECTION 2.07.
|
|
Transfer and Exchange.
|
11
|
|
SECTION 2.08.
|
|
Mutilated, Destroyed, Lost and Stolen Securities.
|
12
|
|
SECTION 2.09.
|
|
Outstanding Securities.
|
12
|
|
SECTION 2.10.
|
|
Treasury Securities.
|
13
|
|
SECTION 2.11.
|
|
Temporary Securities.
|
13
|
|
SECTION 2.12.
|
|
Cancellation.
|
13
|
|
SECTION 2.13.
|
|
Defaulted Interest.
|
14
|
|
SECTION 2.14.
|
|
Global Securities.
|
14
|
|
SECTION 2.15.
|
|
CUSIP Numbers.
|
16
|
|
ARTICLE III REDEMPTION
|
16
|
|||
SECTION 3.01.
|
|
Notice to Trustee.
|
16
|
|
SECTION 3.02.
|
|
Selection of Securities to be Redeemed.
|
16
|
|
SECTION 3.03.
|
|
Notice of Redemption.
|
17
|
|
SECTION 3.04.
|
|
Effect of Notice of Redemption.
|
17
|
|
SECTION 3.05.
|
|
Deposit of Redemption Price.
|
18
|
|
SECTION 3.06.
|
|
Securities Redeemed in Part.
|
18
|
|
ARTICLE IV COVENANTS
|
18
|
|||
SECTION 4.01.
|
|
Payment of Principal and Interest.
|
18
|
|
SECTION 4.02.
|
|
SEC Reports.
|
18
|
|
SECTION 4.03.
|
|
Compliance Certificate.
|
19
|
|
SECTION 4.04.
|
|
Stay, Extension and Usury Laws.
|
20
|
|
SECTION 4.05.
|
|
Corporate Existence.
|
20
|
|
SECTION 4.06.
|
|
Taxes.
|
20
|
|
SECTION 4.07.
|
|
Additional Interest Notice.
|
20
|
|
SECTION 4.08.
|
|
Further Instruments and Acts.
|
20
|
|
ARTICLE V SUCCESSORS
|
21
|
|||
SECTION 5.01.
|
|
When Company May Merge, Etc.
|
21
|
|
SECTION 5.02.
|
|
Successor Corporation Substituted.
|
21
|
|
ARTICLE VI DEFAULTS AND REMEDIES
|
21
|
|||
SECTION 6.01.
|
|
Events of Default.
|
21
|
|
SECTION 6.02.
|
|
Acceleration of Maturity; Rescission and Annulment.
|
23
|
|
SECTION 6.03.
|
|
Collection of Indebtedness and Suits for Enforcement by Trustee.
|
25
|
|
SECTION 6.04.
|
|
Trustee May File Proofs of Claim.
|
25
|
|
SECTION 6.05.
|
|
Trustee May Enforce Claims Without Possession of Securities.
|
26
|
|
SECTION 6.06.
|
|
Application of Money Collected.
|
26
|
|
SECTION 6.07.
|
|
Limitation on Suits.
|
26
|
|
SECTION 6.08.
|
|
Unconditional Right of Holders to Receive Principal and Interest.
|
27
|
|
SECTION 6.09.
|
|
Restoration of Rights and Remedies.
|
27
|
|
SECTION 6.10.
|
|
Rights and Remedies Cumulative.
|
27
|
|
SECTION 6.11.
|
|
Delay or Omission Not Waiver.
|
27
|
|
SECTION 6.12.
|
|
Control by Holders.
|
28
|
|
SECTION 6.13.
|
|
Waiver of Past Defaults.
|
28
|
|
SECTION 6.14.
|
|
Undertaking for Costs.
|
28
|
|
ARTICLE VII TRUSTEE
|
29
|
|||
SECTION 7.01.
|
|
Duties of Trustee.
|
29
|
|
SECTION 7.02.
|
|
Rights of Trustee.
|
30
|
|
SECTION 7.03.
|
|
Individual Rights of Trustee.
|
31
|
|
SECTION 7.04.
|
|
Trustee's Disclaimer.
|
31
|
|
SECTION 7.05.
|
|
Notice of Defaults.
|
31
|
|
SECTION 7.06.
|
|
Reports by Trustee to Holders.
|
31
|
|
SECTION 7.07.
|
|
Compensation and Indemnity.
|
32
|
|
SECTION 7.08.
|
|
Replacement of Trustee.
|
32
|
|
SECTION 7.09.
|
|
Successor Trustee by Merger, etc.
|
33
|
|
SECTION 7.10.
|
|
Eligibility; Disqualification.
|
33
|
|
SECTION 7.11.
|
|
Preferential Collection of Claims Against Company.
|
34
|
ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE
|
34
|
||
SECTION 8.01.
|
|
Satisfaction and Discharge of Indenture.
|
34
|
SECTION 8.02.
|
|
Application of Trust Funds; Indemnification.
|
35
|
SECTION 8.03.
|
|
Legal Defeasance of Securities of any Series.
|
36
|
SECTION 8.04.
|
|
Covenant Defeasance.
|
37
|
SECTION 8.05.
|
|
Repayment to Company.
|
38
|
ARTICLE IX AMENDMENTS AND WAIVERS
|
38
|
||
SECTION 9.01.
|
|
Without Consent of Holders.
|
38
|
SECTION 9.02.
|
|
With Consent of Holders.
|
39
|
SECTION 9.03.
|
|
Limitations.
|
40
|
SECTION 9.04.
|
|
Compliance with Trust Indenture Act.
|
40
|
SECTION 9.05.
|
|
Revocation and Effect of Consents.
|
41
|
SECTION 9.06.
|
|
Notation on or Exchange of Securities.
|
41
|
SECTION 9.07.
|
|
Trustee Protected.
|
41
|
SECTION 9.08.
|
|
Effect of Supplemental Indenture.
|
41
|
ARTICLE X MISCELLANEOUS
|
42
|
||
SECTION 10.01.
|
|
Trust Indenture Act Controls.
|
42
|
SECTION 10.02.
|
|
Notices.
|
42
|
SECTION 10.03.
|
|
Communication by Holders with Other Holders.
|
43
|
SECTION 10.04.
|
|
Certificate and Opinion as to Conditions Precedent.
|
43
|
SECTION 10.05.
|
|
Statements Required in Certificate or Opinion.
|
43
|
SECTION 10.06.
|
|
Record Date for Vote or Consent of Holders.
|
44
|
SECTION 10.07.
|
|
Rules by Trustee and Agents.
|
44
|
SECTION 10.08.
|
|
Legal Holidays.
|
44
|
SECTION 10.09.
|
|
No Recourse Against Others.
|
44
|
SECTION 10.10.
|
|
Counterparts.
|
45
|
SECTION 10.11.
|
|
Governing Laws and Submission to Jurisdiction.
|
45
|
SECTION 10.12.
|
|
No Adverse Interpretation of Other Agreements.
|
45
|
SECTION 10.13.
|
|
Successors.
|
45
|
SECTION 10.14.
|
|
Severability.
|
45
|
SECTION 10.15.
|
|
Table of Contents, Headings, Etc.
|
46
|
SECTION 10.16.
|
|
Securities in a Foreign Currency or in ECU.
|
46
|
SECTION 10.17.
|
|
Judgment Currency.
|
46
|
SECTION 10.18.
|
|
Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.
|
47
|
ARTICLE XI SINKING FUNDS
|
47
|
||
SECTION 11.01.
|
|
Applicability of Article.
|
47
|
SECTION 11.02.
|
|
Satisfaction of Sinking Fund Payments with Securities.
|
48
|
SECTION 11.03.
|
|
Redemption of Securities for Sinking Fund.
|
48
|
Section 310(a)(1)
|
|
7.10
|
(a)(2)
|
|
7.10
|
(a)(3)
|
|
Not Applicable
|
(a)(4)
|
|
Not Applicable
|
(a)(5)
|
|
7.10
|
(b)
|
|
7.10
|
(c)
|
|
Not Applicable
|
Section 311(a)
|
|
7.11
|
(b)
|
|
7.11
|
(c)
|
|
Not Applicable
|
Section 312(a)
|
|
2.06
|
(b)
|
|
10.03
|
(c)
|
|
10.03
|
Section 313(a)
|
|
7.06
|
(b)(1)
|
|
7.06
|
(b)(2)
|
|
7.06
|
(c)(1)
|
|
7.06
|
(d)
|
|
7.06
|
Section 314(a)
|
|
4.02, 10.05
|
(b)
|
|
Not Applicable
|
(c)(1)
|
|
10.04
|
(c)(2)
|
|
10.04
|
(c)(3)
|
|
Not Applicable
|
(d)
|
|
Not Applicable
|
(e)
|
|
10.05
|
(f)
|
|
Not Applicable
|
Section 315(a)
|
|
7.01
|
(b)
|
|
7.05
|
(c)
|
|
7.01
|
(d)
|
|
7.01
|
(e)
|
|
6.14
|
Section 316(a)(1)(A)
|
|
6.12
|
(a)(1)(B)
|
|
6.13
|
(a)(2)
|
|
Not Applicable
|
(b)
|
|
6.13
|
(c)
|
|
10.06
|
Section 317(a)(1)
|
|
6.03
|
(a)(2)
|
|
6.04
|
(b)
|
|
2.05
|
Section 318(a)
|
|
10.01
|
TERM
|
|
DEFINED IN SECTION
|
"Applicable Law"
|
|
10.18
|
"Event of Default"
|
|
6.01
|
"Instrument"
|
|
6.01
|
"Journal"
|
|
10.16
|
"Judgment Currency"
|
|
10.17
|
"Legal Holiday"
|
|
10.08
|
"mandatory sinking fund payment"
|
|
11.01
|
"Market Exchange Rate"
|
|
10.16
|
"New York Banking Day"
|
|
10.17
|
"optional sinking fund payment"
|
|
11.01
|
"Paying Agent"
|
|
2.04
|
"Registrar"
|
|
2.04
|
"Required Currency"
|
|
10.17
|
"successor person"
|
|
5.01
|
"Temporary Securities"
|
|
2.11
|
GOLDEN OCEAN GROUP LIMITED
|
||
By:
|
|
|
Name:
|
|
|
Its:
|
|
|
[ ]
|
||
as Trustee
|
|
|
By:
|
|
|
Name:
|
|
|
Its:
|
|
|
By:
|
|
|
Name:
|
|
|
Its:
|
|
|
[ ]
|
||
as Registrar and Paying Agent
|
||
By:
|
|
|
Name:
|
|
|
Its:
|
|
|
By:
|
|
|
Name:
|
|
|
Its:
|
|
![]() |
![]() |
13 May 2016
|
|
Golden Ocean Group Limited
Par-la-Ville Place
14 Par-la-Ville Road
Hamilton HM 08
Bermuda
|
|
2.1. | a copy of the draft Registration Statement and the form of prospectus included therein (the "Prospectus"); |
2.2. | the form of senior indenture to be entered into by the Company (filed as Exhibit 4.5 to the Registration Statement) (the "Senior Indenture"); |
2.3. | the form of subordinated indenture to be entered into by the Company (filed as Exhibit 4.6 to the Registration Statement) (the "Subordinated Indenture" and, collectively with the Senior Indenture, the "Indentures"); |
2.4. | a copy of the following documents for the Company, as certified by the Secretary thereof on 13 May 2016: |
(a) | Certificate of Incorporation; |
(b) | Certificates of Incorporation on Change of Name; |
(c) | Memorandum of Association; |
(d) | Certificates of Deposit of Memorandum of Increase of Share Capital; |
(e) | Bye-laws; |
(f) | Resolutions passed by the Board of Directors of the Company on 12 May 2016 (the "Resolutions"); |
(g) | Tax Assurance; |
(h) | Register of Directors and Officers; and |
(i) | Register of Members. |
2.5. | a Certificate of Compliance issued by the Bermuda Registrar of Companies ("ROC") in respect of the Company dated 12 May 2016; and |
2.6. | such other documents as we have deemed necessary in order to render this opinion. |
3. | Searches |
4. | Opinion Limited to Bermuda Law |
5. | Assumptions |
5.1. | the authenticity, accuracy and completeness of all Documents (including, without limitation, public records) submitted to us as originals and the conformity to authentic original documents of all Documents submitted to us as certified, conformed, notarised or photo static copies; |
5.2. | the genuineness of all seals, signatures and markings on the Documents; |
5.3. | the authority, capacity and power of each of the persons signing the Documents (other than the Company); |
5.4. | that any representation, warranty or statement of fact or law, other than the laws of Bermuda, made in any of the Documents, is true, accurate and complete; |
5.5. | that each of the Documents which was received by electronic means is complete, intact and in conformity with the transmission as sent; |
5.6. | that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would have any implication in relation to the opinions expressed herein; |
5.7. | that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would be contravened by any actions taken by the Company in connection with the Registration Statement or which would have any implication in relation to the opinion expressed herein and that, in so far as any obligation under, or action to be taken under, the Registration Statement is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction and will not be illegal by virtue of the laws of that jurisdiction; |
5.8. | that the information disclosed by the Searches has not been materially altered and that the Searches did not fail to disclose any material information which had been delivered for filing or registration, but was not disclosed or did not appear on the public files or on the Cause Book at the time of the Searches; |
5.9. | that no litigation, administrative or other proceeding of or before any governmental authority of Bermuda is pending against or affecting the Company; |
5.10. | that the Company has not passed a voluntary winding-up resolution and that no petition has been presented to or order made by a court for the winding-up or dissolution of the Company; |
5.11. | the Registration Statement, when filed with the Commission, and the Indentures, when executed and delivered, will not differ in any material way from the drafts thereof which we have examined for the purposes of this opinion; |
5.12. | there will be no amendment or addendum to or repeal of the Resolutions before the Securities are issued; |
5.13. | the definitive terms of the Securities, other than Common Shares, to be offered pursuant to the Registration Statement will have been established in accordance with the Resolutions and applicable law; |
5.14. | any Securities issuable upon conversion, exchange or exercise of any Security to be offered, will be duly authorised, created and, if appropriate, reserved for issuance upon such conversion, exchange or exercise; |
5.15. | any Securities consisting of Common Shares or Preferred Shares, including Common Shares or Preferred Shares issuable upon conversion, exchange or exercise of any Security to be offered, or issued as part of a Unit, will be duly authorised and issued, and any certificates evidencing the same will be duly executed and delivered, against receipt of the consideration approved by the Company which will be no less than the par value, if any, thereof; |
5.16. | the Registration Statement and the Prospectus, and any amendments thereto, will have become effective; |
5.17. | one or more prospectus supplements will have been filed with the Commission describing the Securities to be offered thereby; |
5.18. | all Securities will be issued in compliance with all matters of, and the validity and enforceability thereof under, applicable U.S. federal and state securities laws and other laws (other than the laws of Bermuda, in respect of which we are opining); |
5.19. | prior to the date of issuance of any Securities, all necessary approvals of the Bermuda Monetary Authority (save in the case of the issuance of the Common Shares, provided that the Common Shares will be listed on an appointed stock exchange, as defined in the Companies Act 1981) will have been obtained with respect to the issue and free transferability of the Securities to be issued; |
5.20. | with respect to the issuance and sale of any Debt Securities, that (i) with respect to any Senior Debt Securities, the Senior Indenture will have been duly executed and delivered by the Company and the trustee named therein, (ii) with respect to any Subordinated Debt Securities, the Subordinated Indenture will have been duly executed and delivered by the Company and the trustee named therein; |
5.21. | with respect to all Debt Securities, when issued, will be executed, authenticated, issued and delivered (a) against receipt of the consideration therefor approved by the Company and (b) as provided in the indenture with respect thereto; |
5.22. | with respect to the issuance and sale of any series of Preferred Shares, that an appropriate certificate of designations, or similar instrument setting out the preferential, qualified or special rights, privileges or conditions with respect to such series of Preferred Shares will have been duly and validly authorised and adopted by the Company; |
5.23. | with respect to the issuance and sale of any Warrants, that (i) a warrant agreement with respect to such Warrants will have been executed and delivered by the Company and the warrant agent, (ii) the Warrants will have been duly executed and delivered by the Company and duly executed by any warrant agent appointed by the Company, and (iii) the Warrants will have been issued and delivered by the Company against receipt of the consideration therefor approved by the Company; |
5.24. | with respect to the issuance and sale of any Purchase Contracts, that (i) a purchase agreement with respect to such Purchase Contracts will have been executed and delivered by the parties thereto, and (ii) the Purchase Contracts will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein; |
5.25. | with respect to the issuance and sale of any Rights, that (i) a purchase agreement with respect to such Rights will have been executed and delivered by the parties thereto, and (ii) the Rights, if in certificated form, will have been duly executed and delivered in accordance with the Rights agreement upon payment of the consideration therefor provided for therein; and |
5.26. | with respect to the issuance and sale of any Units, that (i) a purchase agreement with respect to such Units will have been executed and delivered by the parties thereto, and (ii) the Units, if in certificated form, will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein. |
6. | Opinion |
6.1. | the Company is duly incorporated for an indefinite period as an exempted limited company, and is validly existing and in 'good standing' under the laws of Bermuda; |
6.2. | the Common Shares and the Preferred Shares have been duly authorised and any Securities consisting of Common Shares or Preferred Shares, including any Common Shares or Preferred Shares issuable on conversion, exercise or exchange of other Securities, or issued as part of a Unit, when issued, sold and paid for as contemplated in conformity with the Resolutions and the Prospectus or any prospectus supplement, will be validly issued, fully paid and non-assessable; |
6.3. | any Securities consisting of Debt Securities, Warrants, Purchase Contracts, Rights or Units have been duly authorised and will constitute legal, valid and binding obligations of the Company and will be, in the case of Debt Securities, entitled to benefits provided by the applicable Indenture; and |
6.4. | so far as can be ascertained from the Searches, the Company is not engaged in or threatened with any action, suit, or proceeding before any court in Bermuda. |
7. | Reservations |
7.1. | we have relied upon searches of public records on file at the offices of the ROC and the Registry of the Supreme Court of Bermuda but we note that the records disclosed by those searches may not be complete or up to date; |
7.2. | any reference in this opinion to securities being "non-assessable" means, in relation to fully-paid securities of the Company and subject to any contrary provision in any agreement in writing between the Company and the holder of securities, that: no security holder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their securities, to satisfy claims of creditors of the Company, or otherwise; and no security holder shall be bound by an alteration of the Memorandum of Association or Bye-Laws of the Company after the date on which he became a security holder, if and so far as the alteration requires him to take, or subscribe for additional securities, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company; |
7.3. | with respect to the opinions given herein, we have relied upon statements and representations made to us in a certificate provided to us by an officer of the Company. We have made no independent verification of the matters referred to in the certificate, and we qualify such opinions to the extent that the statements or representations made in the certificate are not accurate in any respect; and |
7.4. | any reference in this opinion to the Company being "in good standing" means having paid all fees and taxes and having made all filings required by the laws of Bermuda in order to maintain the valid existence of the Company pursuant to such laws. |
8. | Disclosure |
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Seward & Kissel llp
ONE BATTERY PARK PLAZA
NEW YORK, NEW YORK 10004
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WRITER'S DIRECT DIAL
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TELEPHONE: (212) 574-1200
FACSIMILE: (212) 480-8421
WWW.SEWKIS.COM
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901 K STREET, NW
WASHINGTON, D.C. 20001
TELEPHONE: (202) 737-8833
FACSIMILE: (202) 737-5184
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May 13, 2016
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Golden Ocean Group Limited
Par-la-Ville Place
14 Par-la-Ville Road
Hamilton HM 08
Bermuda
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Re:
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Golden Ocean Group Limited
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Very truly yours,
/s/ Seward & Kissel LLP
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