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Friday, January 19, 2018

Private Placement News

Eidesvik Scores Work for Two Vessels

Photo: Eidesvik Offshore ASA

Norwegian shipping company Eidesvik Offshore ASA  has signed a letter of intent (LoI) with Seabed Geosolution for the use of  two vessels. Contract commencement are ultimo January to primo February and the duration is expected to last for the remaining part of 2018. The LoI is for the use of the multi-purpose support vessel Subsea Viking and for the use of the seismic vessel Vantage. Recently, Eidesvik Invest AS, together with some of the largest shareholders in Eidesvik Offshore, have undertaken to subscribe new equity in a private placement of NOK 120 million at a price of NOK 5 per share.

Horizon Offshore Completes Private Placement of Stock

Horizon Offshore, Inc. recently completed a private placement of restricted shares of common stock with several accredited investors. The company issued 52,650,000 common shares at $0.38 per share raising $20,007,000 before deducting commissions and other expenses. The net proceeds from the private placement will be used for working capital and general corporate purposes. Energy Capital Solutions acted as the company's placement agent in connection with this private placement. The company also announced that it had contemporaneously exchanged $8,000,000 in aggregate principal amount of its 8% subordinated notes for non-interest bearing convertible notes that are convertible into shares of the company's common stock at $0.38 per share until December 31, 2005.

Scorpio Bulkers' Stock Placement Raises US$300-million

Photo courtesy of Scorpio Bulkers

Scorpio Bulkers Inc. has completed their private placement of 33,400,000 new ordinary shares of $0.01 par value at a subscription price of NOK 53.50, raising approximately $300 million in gross proceeds. The proceeds from the Private Placement, say Scorpio, will be used to part finance construction of a series of fuel efficient dry bulk vessels and for general corporate purposes. RS Platou Markets AS acted as Sole Manager in the Private Placement. www.scorpiobulkers.com  

Report: China Shipbuilding Plans 17.5B Yuan Private Placement

China Shipbuilding Industry plans to raise 17.46 billion yuan through a private placement of 2.52 billion shares to seven designated investors at 6.93 yuan per share, accroding to a report on http://www.capitalvue.com, citing reports 163.com. According to the report, the company’s total shares outstanding will increase to 9.17 billion shares after the private placement is completed. The company’s parent, China Shipbuilding Industry Corporation (CSIC), will hold 5.02 billion shares, or a 54.74 percent stake, upon the completion of the private placement. (Source: http://www.capitalvue.com)

Boskalis Placement Covers Dockwise Deal

Royal Boskalis Westminster N.V. has successfully placed USD 325 million US Private Placement notes with 24 institutional investors in the United States. The issue was heavily oversubscribed with a book close to USD 2 billion. The senior notes carry a 10 year maturity with an annual interest rate of 3.66%. The proceeds of the private placements, together with USD 190 million cash received from the recent disposal of Archirodon, will be used to fully repay the USD 525 million bridge facility, which purpose was to partly finance the acquisition of Dockwise. With these US private placements, in addition to the three and five year committed bank facilities and the existing 2010 US private placements, Boskalis will continue to have a solid financial structure.

Matson Closes $75mln Debt Private Placement

Matson, Inc., a U.S. carrier in the Pacific, announced today the issuance of $75 million in 30-year final maturity senior unsecured notes pursuant to a previously announced private placement on July 30, 2015. The notes will have a weighted average life of approximately 13 years and will bear interest at a rate of 3.92 percent, payable semiannually. The proceeds from the private placement of notes will be used for general corporate purposes, which may include paying down the company's revolving credit facility. Joel Wine, Matson's Senior Vice President and Chief Financial Officer commented, “We are pleased to have closed this private placement transaction.

Dorian LPG Gets Finance for Scorpio Tankers Deal

US-based Dorian LPG has successfully placed 80,405,405 shares to Norwegian and international institutional investors to raise approximately $250 million intended to part pay for Dorian's recent acquistion of Scorpio Tankers' fleet of 11 Very Large Gas Carrier ("VLGC") newbuildings and an option to build two additional VLGCs. The Private Placement is expected to close on November 14, 2013, subject to satisfaction of certain customary closing conditions and the completion of the Transaction. Upon closing of the Private Placement, the Company will have 213,579,150 shares issued and outstanding. The Company plans to use the proceeds from the Private Placement to part finance a series of VLGC newbuildings and for general corporate purposes.

Matson Closes $100 Million Debt Private Placement

Matson, Inc., a U.S. carrier in the Pacific, announced the issuance today of $100 million in 30-year final maturity senior unsecured notes pursuant to a previously announced private placement on November 6, 2013. The notes have a weighted average life of approximately 14.5 years and bear interest at a rate of 4.35%, payable semiannually. The proceeds from the private placement of notes will be used for general corporate purposes. Joel Wine, Matson's Senior Vice President and Chief Financial Officer commented, "We are pleased to have closed this private placement transaction which provides Matson with long-term, unsecured debt at an attractive fixed interest rate and demonstrates the Company's continued strong access to external capital." matson.com  

Stolt-Nielsen Secures $250m Financing

Stolt-Nielsen Limited has closed a $250 million private placement with American International Group (AIG).   The private placement has a term of 10 years and is secured by the Stolt-Nielsen’s terminal in Houston.    Proceeds from the notes will be used to repay existing financial indebtedness and for general corporate purposes, Stolt-Nielsen said.

Eagle Bulk Shipping Raises $88mln in Private Placement

Photo: Eagle Bulk Shipping Inc

Marshall Islands corporation headquartered in Stamford, Connecticut Eagle Bulk Shipping Inc has announced that it has closed its previously announced private placement of its common stock for aggregate gross proceeds of $88.0 million. After giving effect to the Company's previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company's common stock at $3.00 per share.

Safe Bulkers Close Series B Preferred Shares

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today the closing of its previously announced public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share at a price of $25.00 per share. The company also announced the closing of its previously announced private placement of 800,000 shares of its Series B Preferred Shares to Chalkoessa Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price. The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, were $40,000,000.

GE Shipping to Raise Funds via NCD

Pic: Great Eastern Shipping Company

Great Eastern Shipping Company (GE Shipping), India’s largest private shipping company, is planning to raise up to Rs 500 crore ($79 million) through non-convertible debentures (NCDs) on a private placement basis, says PTI. The company will seek its Board's approval "to offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, aggregating up to Rs 500 crores on private placement", it said in a Stock Exchange filing.

Offshore Rig Accommodation: Floatel Share Offering

Floatel International Ltd is contemplating issuance of approximately USD 150 million new shares on the Oslo stock market. The company says its share placement will further strengthen their position as a leading provider of high-specification, modern accommodation vessels to the offshore oil and gas industry. The proceeds from the Private Placement will be used to finance the Company’s new build program for accommodation vessels at Keppel FELS Shipyard, growth capex and for general corporate purposes. The Company has retained Fearnley Securities and Pareto Securities as joint lead managers and joint book-runners in connection with the Private Placement. ABN-Amro and SEB Enskilda have been appointed as co-managers.  

SeaChange Completes $100m Private Placement for Expansion

SeaChange Maritime has completed a private placement of $100m, the proceeds of which will be used to invest in expanding its fleet of container ships. The company, which is registered in the Marshall Islands and operates from offices in Miami, Fla., was formed in 2006 by former Sammy Ofer group executives Samuel Norton and Yariv Zghoul to serve as a leading supplier of container vessels for charter to integrated liner operators. Prior to forming SeaChange Maritime, Norton served as the senior executive officer of Tanker Pacific Management in Singapore and founded Tanker Pacific Offshore Terminals, a market leader in offshore storage and production solutions for the oil exploration industry.

Carnival Corporation Closes Private Placement Of Zero-Coupon Convertible Debt

Carnival Corporation today announced the completion of the previously announced private placement of its 20-year zero-coupon convertible notes, which resulted in gross proceeds to the company of $400 million. In connection with the offering, the placement agent has also exercised in full its over-allotment option to purchase additional 20-year zero-coupon convertible notes, which will result in gross proceeds to the company of $100 million. The purchase of the additional notes is expected to close on October 26, 2001. Net proceeds from the offering will be used to repay approximately $160 million of existing bank indebtedness maturing in November 2001…

Stolt Offshore New Shares Begin Trading in Oslo

Stolt Offshore S.A. announced that 62.5 million Common Shares that previously have been issued will begin trading on March 12, 2004 on the Oslo Bors. These represent the 45.5 million Common Shares issued in the recent private placement and the 17.0 million Common Shares issued in connection with the conversion of Class B Shares held by Stolt-Nielsen Transportation Group Ltd, a subsidiary of Stolt Nielsen S.A. The 45.5 million Common Shares issued in the private placement are subject to certain transfer restrictions and are therefore registered on a separate ISIN. These shares will trade on a separate ticker code, STON, until March 24, 2004 from which time all Common Shares will trade on the STO ticker code.

Dockwise Listing Prospectus Approved

Dockwise Ltd., one of the world's leading integrated heavy lift sea transport companies, announces that Oslo Børs has approved its listing prospectus. It is expected that all 211,363,138 ordinary shares of the Company currently outstanding will be listed on Oslo Børs on 2 October 2007. Dockwise will list under the ticker symbol "DOCK", ISIN number BMG2786A 1062. The listing of Dockwise Ltd. on the Norwegian Over-The-Counter market will terminate from that date onwards. Dockwise is considering a private placement and potential issuance of new shares to be undertaken at an appropriate time depending on market conditions. Any decision on such private placement will be announced over the Oslo Børs notification system.

EURONAV to Buy 4 Japanese-built VLCCs

EURONAV VLCC Olympia (Photo courtesy of EURONAV)

EURONAV has entered into an agreement for the purchase of four modern Japanese built VLCC vessels for an aggregate purchase price of $342 million. The vessels are on average three years old. This acquisition fits into the company’s strategy to further strengthen its position as the leading listed crude tanker company. The transaction allows EURONAV to expand its existing fleet with an ‘en bloc’ acquisition of four of the best vessels that can be found in today’s second hand market.

Dryships Announces Pricing Of Private Offering by Ocean Rig

ATHENS, GREECE – April 13, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced today the pricing of $500 million aggregate principal amount of 9.5% Senior Unsecured Bonds Due 2016 (the “Bonds”) offered by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”) in a private placement. The offering has been made to Norwegian…

Safe Bulkers Announce Pricing of its Shares

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that its public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, was priced at $25 per share. Concurrently with the public offering, the company has also sold through a private placement, 800,000 series b preferred shares to Chalkoessa Maritime Inc., an entity associated with the company’s chief executive officer, Polys Hajioannou, at the public offering price. The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, are expected to be $40,000,000.

Safe Bulkers' Stock Offering May Fund New-buildings

Bulk Carrier: Photo courtesy of Safe Bulkers

Greek dry-bulk ship owners Safe Bulkers, Inc. plans to offer 5,000,000 shares of its common stock to the public. The Company plans to use the net proceeds of the Public Offering and Private Placement for vessel acquisitions, capital expenditures and for other general corporate purposes, which may include repayment of indebtedness. In connection with the Public Offering, the Company intends to grant the underwriters a 30-day option to purchase up to 750,000 additional shares of Common Stock.

CSSC Plans $0.6B Private Placement

China CSSC Holdings (600150) plans to raise up to four billion yuan from a private placement of 60 million shares at not less than $0.6b per share, reports Shanghai Securities News, citing a company filing. The target shares will be offered to up to 10 investors, including China State Shipbuilding Corporation (CSSC), CSSC Holdings’ parent, Baosteel Group and China Shipping Group.   (Source: CapitalVue)

Exmar To Raise Money to Buy Ships

EXMAR NV has instructed an investment banker to raise at least 5 % of the outstanding market capitalization through a private placement of shares. The funds will be used to finance new LPG, LNG and Offshore projects. The company will announce the results of the transaction after closing of the bookbuilding. The suspension of the EXMAR share has been requested. Trading of the shares will be resumed half an hour after publication of the results of the bookbuilding.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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