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Stealth Gas Offer Stock in Order to Buy LNG/LPG Ships

April 26, 2013

StealthGas Inc., has increased the size of its stock offering, & will sell 10-million shares at $10 each using the proceeds towards purchase of 5 ships.

The gross proceeds from the offering before the underwriting discount and other offering expenses are $100,000,000.  An entity controlled by the family of the Company’s President and Chief Executive Officer has agreed to purchase 500,000 of the shares sold in the offering.  The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock.

The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels, including three secondhand LPG carriers and two newbuilding LPG carriers, which are scheduled for delivery in May 2013 in the case of the three secondhand LPG carriers, and during the first half of 2014 in the case of the two newbuilding LPG carriers. 

The Company intends to use the remaining net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes.

Wells Fargo Securities and Deutsche Bank Securities are acting as joint book-running managers and Global Hunter Securities, Clarkson Capital Markets and Evercore Partners (EVR) are acting as co-managers for this offering, which is being made under an effective shelf registration statement.

The offering is expected to close on or about April 30, 2013.

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