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Institutional Buyers News

25 Jul 2019

Eagle Bulk Raises Funds for New Ships

Eagle Bulk Shipping announced a $100 million convertible  note offering in a private placement to qualified institutional buyers.Eagle Bulk intends to use the net proceeds from the offering to fund a portion of the aggregate purchase price of up to six modern high-specification Ultramax vessels and for general corporate purposes, including working capital."Closing of the purchase of the Acquisition Vessels is subject to customary conditions. Certain events may arise which could result in the company not taking delivery of any of the Acquisition Vessels, including without limitations a total loss of a vessel, a constructive total loss of a vessel…

12 Sep 2018

GRSE Announces Public Offer

Photo: GRSE

Garden Reach Shipbuilders & Engineers Limited, proposes to open on September 24, 2018, an initial public offering of equity shares of Face Value of Rs. 10 each (“Equity Shares”) for cash at a Price per Equity Share (including a Share Premium) (“Offer”) comprising a offer for sale 29,210,760 Equity Shares by the Promoter, The President of India, acting through the Ministry of Defense, Government of India (“The Selling Shareholder”).The offer includes a reservation of up to 572,760 equity shares for subscription by eligible employees (as defined herein) (“Employee Reservation Portion”).

03 Nov 2017

Eagle Bulk Shipping May Issue Privately Placed Bonds

Eagle Bulk Shipping Inc. announced that it has mandated certain investment banks to arrange a series of fixed income investor meetings commencing on Monday, November 6th, 2017 to explore a potential private placement of bonds by its subsidiary Eagle Bulk Shipco LLC in the Norwegian bond market. If the Company decides to move forward with a transaction, the bonds would be offered only to qualified institutional buyers in reliance on an exemption from registration under the U.S. Securities Act of 1933, as amended and, outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The bonds would…

25 Mar 2015

Stolt-Nielsen Limited Contemplates New Bond Issue

Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured bonds in the Norwegian bond market with a minimum amount of NOK 700 million ($89 million). Proceeds will be used for general corporate purposes. The offering will be made to (i) Norwegian professional investors and eligible counterparties as defined in the Norwegian Securities Trading Regulations Sections 10-2 to 10-4, (ii) to non-"United States persons" in "offshore transactions" within the meaning of Rule 902 under the Securities Act of 1933, as amended (the "Securities Act"), and (iii) "Qualified Institutional Buyers" pursuant to Rule 144A of the Securities Act. The bonds may not be purchased by, or for the benefit of, persons resident in Canada.

28 Jul 2014

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. For the three months ended June 30, 2014, the Company had a net loss of $0.6 million, or $0.00 basic and diluted loss per share. For the six months ended June 30, 2014, the Company had net income of $52.8 million, or $0.28 basic and diluted earnings per share. The Company's adjusted net loss was $9.4 million. On July 28, 2014, the Scorpio Tankers' board of directors declared a quarterly cash dividend of $0.10 per share, payable on September 10, 2014 to all shareholders as of August 22, 2014 (the record date). As of July 25, 2014, there are 172,206,301 shares outstanding.

21 Mar 2014

Ocean Rig Prices Its US$500-Million Note Offering

Calculator credit Dominic Alves CCL

Offshore deepwater drilling services provider Ocean Rig informs that the pricing of its previously announced offering has been priced at 100% of par, with a stated interest rate of 7.250%. The Notes are being sold in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act.

16 Mar 2014

DryShips to Make US$500-Million Notes Offering

Greece's DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc., informs that it intends to offer $500 million in aggregate principal amount of senior notes due 2019 in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act. Ocean Rig says it intends to use the net proceeds from the offering of the Notes, together with other available funds, to fund the repurchase or redemption of its 9.5% Senior Unsecured Notes due 2016, for which it is conducting a concurrent tender offer, and to pay related fees and expenses. DryShips Inc.

12 Mar 2014

GSL Prices First Priority Secured Notes

Global Ship Lease, Inc. (GSL) announced  that it has priced an offering of $420,000,000 aggregate principal amount of 10.000% first priority secured notes due 2019 at an issue price of 98.5% in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally, on a senior basis by Global Ship Lease Services Limited and each of the company's 17 vessel-owning subsidiaries and in the future by certain of the company's existing and future restricted subsidiaries, as may be required by the terms of the indenture that will govern the notes. On the issue date, the notes will be secured by first priority ship mortgages on 17 vessels owned by certain subsidiary guarantors and certain other associated property…

11 Dec 2013

GSL Announces New First Priority Secured Notes Offering

Global Ship Lease, Inc. (GSL) announced  that it plans to issue an aggregate principal amount of up to $400,000,000 of first priority secured notes due 2021 in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally, on a senior basis by Global Ship Lease Services Limited and each of the company's 17 vessel-owning subsidiaries and in the future by certain of the company's existing and future restricted subsidiaries, as may be required by the terms of the indenture that will govern the notes. On the issue date, the notes will be secured by first priority ship mortgages on 17 vessels owned by certain subsidiary guarantors and certain other associated property and contract rights…

29 Oct 2013

Navios Acquisition Proposes Private Offering

Navios Maritime Acquisition Corporation announced  that the company and Navios Acquisition Finance (U.S.) Inc., its wholly owned finance subsidiary, intend to offer through a private placement, subject to market and other conditions, approximately $600 million of first priority ship mortgage notes due 2021. The notes will be offered and sold in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and in offshore transactions to non-United States persons in reliance on Regulation S under the Securities Act. The notes will be secured by first priority ship mortgages on 12 vessels aggregating approximately 2.6 million deadweight tons owned by certain subsidiary guarantors.

03 Oct 2013

Ultrapetrol Close Sale of US$25-million Notes Issue

Ultrapetrol (Bahamas) Limited an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), announced today the closing of its previously announced sale of $25 million in aggregate principal amount of its 8.875% First Preferred Ship Mortgage Notes due 2021 (the "Add-On Notes"), which were offered as an add-on to its outstanding $200 million aggregate principal amount of 8.875% First Preferred Ship Mortgage Notes due 2021. Ultrapetrol say that they plan to use the net proceeds of the offering for general corporate purposes. As a result of the offering of the Add-On Notes…

30 May 2013

Ultrapetrol Details its Mortgage Note Offering

Following on from an earlier announcement of the US$200-million offering, Ultrapetrol now give provide greater detail. The company has priced the offering of $200 million in aggregate principal amount of its 8.875% First Preferred Ship Mortgage Notes due 2021 (the "Notes"). Notes and related guarantees will be secured by the stock of certain of the Company's subsidiaries and by first preferred mortgages on vessels owned by certain of its subsidiaries. The Notes will be issued at par and are being sold in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act.

20 Mar 2013

Intelsat Announces Proposed Offering of Senior Notes

Intelsat S.A. announced that its subsidiary, Intelsat (Luxembourg) S.A. intends to offer $1,500,000,000 aggregate principal amount of senior notes due 2021. Intelsat Luxembourg's obligations under the notes will be guaranteed by Intelsat S.A. The net proceeds from the sale of the notes are expected to be used by Intelsat Luxembourg to redeem $915,000,000 aggregate principal amount of its outstanding 11½/12½% Senior PIK Election Notes due 2017 (the "2017 PIK Notes") in its previously announced redemption on April 5, 2013, to redeem an additional $460,000,000 aggregate principal amount of its outstanding 2017 PIK Notes, to pay related fees and expenses and for general corporate purposes…

08 Mar 2012

Stolt-Nielsen Limited Contemplates New Bond Issue

London - Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured three-year and/or six-year bond issues in the Norwegian bond market. Proceeds from the bond issue(s) will be used to repay debt and for general corporate purposes. It is intended that the offering will be made to (i) Norwegian professional investors and eligible counterparties, as defined in the Norwegian Securities Trading Regulations Sections 10-2 to 10-4, (ii) to non-"United States persons" in "offshore transactions" within the meaning of Rule 902 under the Securities Act of 1933, as amended (the "Securities Act"), and (iii) "Qualified Institutional Buyers" pursuant to Rule 144A of the Securities Act. The bonds may not be purchased by, or for the benefit of, persons resident in Canada.

02 Feb 2012

General Maritime Reorganizes

General Maritime Files Plan of Reorganization and Disclosure Statement; Plan Supported by the Company's Key Senior Lenders. General Maritime Corporation announced today that it has filed a Plan of Reorganization (the "Plan") and a Disclosure Statement (the "Disclosure Statement") with the United States Bankruptcy Court for the Southern District of New York (the "Court"). The Company intends to seek confirmation of the Plan by April 2012. Under the terms of the Plan, the Company will receive an infusion of $175 million in new capital from funds managed by Oaktree Capital Management, L.P. ("Oaktree"), less the amount raised in the rights offering described below, will continue to operate as a going concern and will reduce its funded indebtedness by approximately $600 million. Jeffrey D.

31 Aug 2011

DryShips Reports 2Q Results

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below. Excluding infrequently occurring and non-cash items, the Company’s net results would have amounted to a net income of $17.4 million or $0.04 per share. - Impairment losses from the sale of vessels La Jolla, Conquistador, Samsara, Brisbane and Toro, net of gain from the total loss of the Oliva, amounting to $87.0 million, or $0.25 per share.

02 Jun 2011

Horizon Lines Reaches Agreement for Refinance

Horizon Lines, Inc. (NYSE: HRZ) today announced that it and holders of the majority of its 4.25% convertible senior notes have entered into agreements for a transaction that will refinance the company's entire capital structure. The agreement with the note holders contemplates a complete refinancing, in conjunction with a new asset-based revolving loan facility (ABL) of up to $125 million, which is under negotiation with a leading financial institution. The company's current debt structure consists of a $225 million senior secured revolving credit facility…

29 Apr 2011

Dryships Announces Closing Of Private Offering

ATHENS, GREECE – April 28, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the closing of the sale of $500 million aggregate principal amount of 9.5% Senior Unsecured Bonds Due 2016 (the “Bonds”) offered by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”) in a private placement made to Norwegian professional investors and eligible counterparties as defined in the Norwegian Securities Trading Regulation 10-2 to 10-4…

06 Dec 2010

Dryships Private Offering of Shares, Ocean Rig UDW

DryShips Inc. (NASDAQ: DRYS) announced that its wholly-owned subsidiary Ocean Rig UDW Inc., intends to offer through a private placement, subject to market and other conditions, approximately $500m worth of shares of Ocean Rig’s common stock. The offering will be made to Norwegian professional investors and eligible counterparties as defined in the Norwegian Securities Trading Regulation 10-2 to 10-4, to non-United States persons in reliance on Regulation S under the Securities Act of 1933, as amended and in a concurrent private placement in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offering is expected to close in December 2010.

22 Dec 2010

DryShips Closes Offering of Shares, Ocean Rig UDW

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and offshore contract drilling oil services, announced today that its wholly-owned subsidiary Ocean Rig UDW Inc., has closed its offering by way of a private placement of shares of Ocean Rig's common stock with total gross proceeds of $500m. The offering was made to professional investors and eligible counterparties in Norway, to non-United States persons in reliance on Regulation S under the Securities Act of 1933, as amended and in a concurrent private placement in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.

14 Apr 2011

Dryships Announces Pricing Of Private Offering by Ocean Rig

ATHENS, GREECE – April 13, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced today the pricing of $500 million aggregate principal amount of 9.5% Senior Unsecured Bonds Due 2016 (the “Bonds”) offered by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”) in a private placement. The offering has been made to Norwegian…

21 Apr 2011

Trico Announces Extension of Exchange Offer and Consent Solicitation

HOUSTON, April 18, 2011 /PRNewswire/ -- Trico Shipping AS (the "Company"), a subsidiary of Trico Marine Services, Inc. (Pink Sheets: TRMAQ) ("Trico Marine"), announced today that it has extended the expiration date of its out-of-court exchange offer (the "Exchange Offer") to the holders ("Noteholders") of its 11 7/8% senior secured notes due 2014 (the "Notes") and the solicitation of consents to the governing indenture (the "Consent Solicitation") to 5:00 p.m. Eastern Time on April 20, 2011. Withdrawal rights under the Exchange Offer will not be extended by the new expiration date.

13 Aug 2009

Brunswick Pricing $350m of Senior Secured Notes

Brunswick Corporation (NYSE:BC) announced that it has priced an offering of $350m aggregate principal amount (increased from $250m, previously announced) of 11.25 percent senior secured notes due 2016 at an issue price of 97.036 percent. The new notes will be issued in a private offering to qualified institutional buyers in accordance with Rule 144A, and to persons outside the U.S. pursuant to Regulation S under the Securities Act of 1933, as amended. The new notes will be secured by first-priority liens on Brunswick's headquarters and domestic retail bowling centers it owns, and by second-priority liens on substantially all of the assets that secure Brunswick's existing senior secured revolving credit facility on a first-priority lien basis.