StealthGas Prices Offering

By Joseph R. Fonseca
Thursday, August 07, 2014
StealthGas Inc is a provider of international seaborne transportation services to LPG producers and users

 

StealthGas Inc.,  a shipowning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that it has priced an underwritten registered offering of 3,500,000 shares of its common stock, at an offering price of $10.00 per share for gross proceeds, before estimated expenses payable by StealthGas Inc., of approximately $35 million. The shares were placed with several institutional investors, in addition to entities affiliated with the family of StealthGas Inc.’s President and Chief Executive Officer.

Global Hunter Securities, LLC is acting as the sole underwriter for the offering.

Net proceeds, after underwriting discounts and commissions and other estimated fees and expenses payable by StealthGas Inc., are estimated to be approximately $34.5 million.

StealthGassaid it intends to use the net proceeds of the offering for vessels acquisitions, including ordering larger size semi-refrigerated or fully-refrigerated LPG newbuildings, and other general corporate purposes.

The securities described above are being offered by StealthGas Inc. pursuant to a shelf registration statement on Form F-3 (No. 333-189971) including a base prospectus, previously filed and declared effective by the Securities and Exchange Commission (SEC). A final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website.


 

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