International Shipholding Corporation closes public offering of $25 Million of its 9.50% Series A cumulative redeemable perpetual preferred stock.
Dividends will be payable on the Series A Preferred Shares at an initial rate of 9.50% per annum of the stated liquidation preference when, as and if declared by ISH’s board of directors. The Company received net proceeds from the offering of $23.750 million after deducting underwriting discounts but excluding other related expenses.
ISH intends to use the net proceeds from the offering for general corporate purposes, including working capital and the reactivation of a tug-barge unit which is scheduled to be deployed in April.
The Company is currently completing the application process to list the Series A Preferred Shares on the NYSE under the symbol “ISHPRA”. The shares are expected to be listed by Monday, February 25.
Incapital LLC and DNB Markets, Inc. acted as joint book-running managers and Incapital LLC was the sole structuring agent for the offering.