Dorian LPG Gets Finance for Scorpio Tankers Deal
US-based Dorian LPG has successfully placed 80,405,405 shares to Norwegian and international institutional investors to raise approximately $250 million intended to part pay for Dorian's recent acquistion of Scorpio Tankers (SBNA)' fleet of 11 Very Large Gas Carrier ("VLGC") newbuildings and an option to build two additional VLGCs.
The Private Placement is expected to close on November 14, 2013, subject to satisfaction of certain customary closing conditions and the completion of the Transaction. Upon closing of the Private Placement, the Company will have 213,579,150 shares issued and outstanding.
The Company plans to use the proceeds from the Private Placement to part finance a series of VLGC newbuildings and for general corporate purposes.
Pareto Securities AS acted as Global Coordinator with Arctic Securities ASA, DNB Markets, and Fearnley Securities AS, as Joint Lead Managers.
About Dorian LPG Ltd. (LPG)
Dorian LPG is a pure-play LPG shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently has three modern VLGCs andone pressurized LPG vessel.