Crowley Raises Market Funds Mainly for Newbuild Program
Crowley Maritime Corporation has successfully raised gross proceeds of $200 million through the sale of 200,000 shares of Series A Income Preferred Securities. The company says it intends to use the net proceeds from this offering in connection with its new vessel build program as well as for general corporate purposes.
“We are very pleased to have concluded this important transaction for the company, especially as it offers a new source of capital to pursue our growth plans,” said Crowley's Chairman, President and CEO Tom Crowley.
DNB Markets acted as exclusive financial advisor to Crowley. DNB Markets and Incapital acted as joint book-running managers for the offering.
Jacksonville-based Crowley Holdings Inc., a holding company of the 121-year-old Crowley Maritime Corporation, is a privately held family and employee-owned company. The company provides project solutions, transportation and logistics services in domestic and international markets by means of six operating lines of business: Puerto Rico/Caribbean Liner Services, Latin America Liner Services, Logistics Services, Petroleum Services, Marine Services and Technical Services.