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Sunday, September 23, 2018

GoodBulk Launches USD 140 Million IPO

Maritime Activity Reports, Inc.

June 19, 2018

Image: GoodBulk Ltd

Image: GoodBulk Ltd

 GoodBulk, incorporated in Bermuda and headquartered in Monaco, announced that it has launched its initial public offering of 8,500,000 common shares at an anticipated initial offering price between $15.50 to $17.50 per common share. 

In connection with the Offering, the Company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. GoodBulk has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol “GBLK.”
 
The Company intends to use the net proceeds of the Offering, together with cash on hand and additional borrowings under the Company’s credit facilities, to fund the cash portion of the purchase price for the acquisition of up to five secondhand Capesize dry bulk vessels and for general corporate purposes.
 
Morgan Stanley and Credit Suisse are acting as lead book-runners, Clarksons Platou Securities, Evercore ISI, Pareto Securities and UBS Investment Bank are also acting as book-runners, and ABN AMRO is acting as co-manager for the Offering.
 
GoodBulk  is an owner and operator of dry bulk vessels formed in October 2016 for the purpose of owning high quality second hand dry bulk vessels between 50,000–210,000 DWT. GoodBulk controls a fleet of 25 dry bulk vessels, including 22 Capesize vessels, 1 Panamax vessel, and 2 Supramax vessels. 
 
Designed to provide an efficient company for investors to access the dry bulk market, all vessels are externally managed by C Transport Maritime S.A.M. a leading third-party manager of dry bulk vessels.
 
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