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Stock Offering

Northrop Grumman to Acquire Litton Industries for $5.1B

In a move which effectively creates a defense and marine naval construction giant, Northrop Grumman Corp. and Litton Industries jointly announced late last month that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt. Litton is a leading supplier of advanced electronics and information systems to the U.S. government and international customers and is the premier designer and builder of non-nuclear surface combatant ships for U.S. and foreign navies. The company reported sales of $5.6 billion and net income of $218 million for the 2000 fiscal year ended July 31. Litton had $8.2 billion in fully funded backlog at the end of its first quarter, October 31, 2000. Kent Kresa, Northrop Grumman's chairman, president and chief executive officer said, "We are very pleased with our strategic acquisition of Litton, which we believe brings tremendous value to the shareholders, employees and customers of both companies. With projected combined pro forma revenues of more than $15 billion in 2001, growing to $18 billion by 2003, this acquisition solidly places Northrop Grumman among the world's top-tier defense companies and strengthens our commitment to systems integration


Northrop Grumman Announces Newport News Shipbuilding Exchange Ratio

Northrop Grumman Corporation announced in connection with its offer to acquire all of the outstanding shares (including associated preferred stock purchase rights) of Newport News Shipbuilding that the exchange ratio for the common stock of Newport News has been fixed at 0.7193. Accordingly, stockholders of Newport News who elect to receive solely Northrop Grumman common stock in the offer will receive approximately 0


Royal Caribbean Prices Public Offering

Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments


Crowley Settles Stockholder Lawsuit

Crowley Maritime Corporation reached a proposed settlement in the pending Franklin Balance Sheet Investment Fund v Crowley ("Franklin") litigation, a purported class action and derivative complaint filed in November 2004 against certain members of the board of directors and Crowley. The plaintiffs in that lawsuit have agreed to its dismissal if they and the other unaffiliated holders of Crowley common stock have the opportunity, through a tender offer, to sell their common stock for $2


Euroseas Ltd. Announces Public Offering

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it is commencing a public offering of 5,000,000 shares of its common stock under the Company’s effective shelf registration statement. In addition, one of the Company’s shareholders will be offering 750,000 shares. Wachovia Securities and Oppenheimer & Co. will act as joint bookrunning managers


Costamare Announces Pricing of Common Stock Offering

Athens - Costamare Inc. announced that its offering of 7,500,000 shares of its common stock was priced at $14.10 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are expected to be approximately $105,750,000. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have agreed to purchase 750,000 shares in the offering


Horizon Offshore Completes Private Placement of Stock

Horizon Offshore, Inc. recently completed a private placement of restricted shares of common stock with several accredited investors. The company issued 52,650,000 common shares at $0.38 per share raising $20,007,000 before deducting commissions and other expenses. The net proceeds from the private placement will be used for working capital and general corporate purposes. Energy Capital Solutions acted as the company's placement agent in connection with this private placement.


Dresser-Rand Prices IPO

Dresser-Rand Group Inc. has priced its initial public offering of 27,000,000 shares of common stock at $21.00 per share. All of the shares are being offered by Dresser-Rand Group Inc. The common stock will begin trading tomorrow on the New York Stock Exchange under the symbol "DRC." Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are serving as joint book-running managers of the offering. UBS Securities LLC is co-lead manager of the offering, and Bear, Stearns & Co


Maritrans Inc. Announces Tender Offer

Maritrans Inc. announced that its Board of Directors has approved the initiation of a modified "Dutch auction" tender offer by Maritrans to purchase up to 2,000,000 shares of its outstanding common stock at a price per share of not less than $11.00 per share nor in excess of $12.50 per share. The tender offer is expected to commence on Monday, December 17, 2001 and to expire, unless extended, at 5:00 P.M., New York City Time, on Friday, January 18, 2002.


Northrop Grumman Extends Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246


Box Ships announces Prices Public Offering

 Box Ships Inc.,ATHENS,  today announced that it has priced its public offering of 5,000,000 units consisting of its common shares and warrants at $2.05 per unit.  Each unit consists of one common share and a warrant to purchase 0.40 common shares.


Stalwart Tankers Postpones U.S. IPO

BSS Force (Image: Stalwart Tankers)

Greece-based chemical transportation company Stalwart Tankers Inc has postponed its U.S. IPO plans due to "market conditions," an underwriter told Reuters.   The company filed with U.S. regulators in February to raise up to $100 million in an IPO of its common stock.  


Parsley Energy Makes Public $400 Mln IPO Plan

 Parsley Energy Inc made public its plan to raise up to $400 million in an initial public offering of    Class A common stock.   The oil and natural gas company filed confidentially with U.S regulators for the proposed IPO in December.  


China crude oil output up

China's refinery crude throughput in March rose 2.6 percent from a year earlier to 41.92 million tonnes, or 9.87 million barrels per day (bpd), data from the National Bureau of Statistics showed on Wednesday. Daily crude runs, however, fell 5.7 percent from 10


Ro-Ro Traffic: ERL Selects HAROPA

hapopa.jpg

In order to develop its business of carriage of new and secondhand vehicles from France, European Roro Lines (ERL), a company among the leaders of the ro-ro traffic bound for Africa, has selected HAROPA. Created March 1, the French subsidiary of European Roro Lines


NOAA's Paper Charts are here to Stay

Rear Adm. Gerd Glang certifies a new print-on-demand chart agent after inspecting the companys sample chart. (Photo: NOAA)

New certified printing agents bring buying options It won't be long before mariners and the boating public will have a wider choice of options and special services when they purchase NOAA paper nautical charts, thanks to NOAA's expanded "print-on-demand" chart production and


Genco Reaches Bankruptcy Restructuring Deal

Photo: Genco Shipping & Trading Ltd.

Genco Shipping & Trading Ltd. will cut its debt by more than $1 billion by giving control of the company to its lenders in a deal that requires the dry bulk shipping company to file for bankruptcy. Lenders backing a $1.06 billion credit facility would convert their debt into about 81


Petroperu Tenders to Buy Biodiesel Cargos

State-run Petroperu launched a tender to buy two 100,000 barrel cargos of biodiesel to be received from May 2 to June 6 at Talara, Conchan and Mollendo ports, according to a document seen by Reuters on Friday. The oil company, which operates most of Peru's refineries


Damen Pontoon Deliveries Ensure Stock Availability

Photo: Damen

13 Stan Pontoons, six Stan Tugs and four Stan Tenders come to West Africa and Rotterdam Last Friday, April 4, a shipment that left China seven weeks ago carrying 13 new Damen Stan Pontoons and 10 other Damen vessels arrived in Rotterdam. The built-for-stock pontoons and vessels will uphold


Update: Petrobras Denies Shelving Debt Sales

Petroleo Brasileiro SA on Monday denied shelving plans to sell debt in local and international markets later this year because of a series of scandals regarding the Brazilian state-controlled oil producer. A source with direct knowledge of the plans told Reuters on Monday that the company was


BV Strengthens Vehicle Inspections in U.S.

 Bureau Veritas has just completed the acquisition of Quiktrak Inc., an American company specializing in vehicle and agricultural machinery stock audit.   Founded in 1991 and headquartered near Portland, Oregon, Quiktrak provides field inspections and inventory auditing services for


Offshore firm's IPO may give Singapore market shot in the arm

This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a


i3G Debts Tools for the i-tank Tank-Monitoring

Numerex announced that i3G, a provider of bulk-liquid tank monitoring solutions, recently added "Optimizer" and "Tank Management" tools to its core "i-tank" offering. Customers deploying i3G's i-tank solution now can utilize the "Optimizer" functionality to


Petroperu Tenders to Buy ULSD Cargoes

State-run Petroperu launched a tender to buy six 290,000-324,800 barrel cargoes of ultra low-sulfur diesel (ULSD), to be received from May to June at its Conchan, Mollendo and Callao ports in Peru, according to an invitation seen by Reuters on Wednesday.


Principal Maritime Tankers Files for IPO of up to $100m

 Principal Maritime Tankers Corp, which is backed by Apollo Global Management LLC, filed with U.S. regulators to raise up to $100 million in an initial public offering of common stock. UBS Investment Bank was underwriting the IPO, the company told the U


 
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