Market Show Confidence in Baltic Trading's Public Offering
Baltic Trading Limited has successfully completed its previously announced public offering, issuing 12,650,000 new shares of common stock, which included the exercise in full of the underwriters' option to purchase up to 1,650,000 shares of common stock. Gross proceeds of the offering were approximately $58.2 million.
Baltic Trading intends to use the net proceeds from the offering for future vessel acquisitions or, to the extent it does not so use them, for working capital and general corporate purposes.
Jefferies LLC and Morgan Stanley & Co. LLC acted as joint book-running managers for the offering, and DVB Capital Markets LLC, Cowen and Company, LLC, and Clarkson Capital Markets LLC acted as co-managers for the offering.
About Baltic Trading Limited
Baltic Trading Limited is a drybulk company focused on the spot charter market. It transports iron ore, coal, grain, steel products and other drybulk cargoes along global shipping routes, and has a fleet of two Capesize, four Supramax and five Handysize vessels with an aggregate carrying capacity of approximately 736,000 dwt.
After the expected delivery of the two committed Ultramax newbuildings and two Capesize vessels that Baltic Trading has agreed to acquire, Baltic Trading will own 15 drybulk vessels, consisting of four Capesize, two Ultramax, four Supramax and five Handysize vessels with a total carrying capacity of approximately 1,223,000 dwt.