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Thursday, September 29, 2016

Scorpio Bulkers IPO to Fund Multi-Newbuilding Orders

December 9, 2013

Photo courtesy of Scorpio Bulkers

Photo courtesy of Scorpio Bulkers

The bulk ship owners announce its initial public offering of 15,500,000 common shares, granting the underwriters a 30-day option to purchase up to 2,325,000 additional common shares.

Scorpio say that the net proceeds of this public offering are expected to be used to fund newbuilding vessel capital expenditures, including capital expenditures related to the Company's initial fleet, and for general corporate purposes, including working capital.

They add that on December 2, 2013, the closing price of the Company's common shares on the Norwegian OTC List was $9.75 per share (based upon the Bloomberg Composite Rate of NOK6.12695 per $1.00 in effect on that date).

Also that this initial public offering is being made pursuant to a registration statement on Form F-1 (File No. 333-192246), including a prospectus, previously filed with the U.S. Securities and Exchange Commission. The company has applied for listing of the common shares on the New York Stock Exchange under the symbol "SALT."

Deutsche Bank Securities Inc., Credit Suisse and RS Platou Markets AS are acting as joint book-running managers for the initial public offering and Evercore, Global Hunter Securities, Stifel and Crédit Agricole CIB are acting as co-managers for the initial public offering.

About Scorpio Bulkers
Scorpio Bulkers has contracted and agreed to purchase 28 Ultramax, 21 Kamsarmax and three Capesize newbuilding dry bulk vessels to be delivered starting from the second quarter of 2014 from shipyards in Japan, China and Romania.
 



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