International Shipholding Stock Sale Raises Nearly US$24-million

Press Release
Thursday, February 21, 2013

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.

 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

Dredging

Even 'Small' Vessels are Getting Bigger

The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Phase 1 Dredging Wraps Up in Redwood City

Phase 1 of maintenance dredging of the Redwood City Harbor and Channel was completed this week, bringing the Port of Redwood City channel to a depth of 28 feet.

Yachts

US Obamacare Impacts the Global Marine Industry

The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry,

Even 'Small' Vessels are Getting Bigger

The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships.

Great Lakes

Great Lakes Coal Trade Slows in November

Coal shipments on the Great Lakes totaled 2.6 million tons in November, a decrease of 3 percent from a year ago, as shipments were affected by weather-related delays,

CSL St-Laurent on Maiden Voyage

The second of Canada Steamship Lines' (CSL) two newbuild Trillium Class Great Lakes bulk carriers, CSL St-Laurent, was delivered on November 26, 2014 and set

Lakes Limestone Trade Dips in November

Shipments of limestone on the Great Lakes totaled 2.7 million tons in November, a decrease of 4.4 percent compared to a year ago, the Lake Carriers’ Association reported.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1419 sec (7 req/sec)