Marine Link
Monday, January 22, 2018

Shelf Registration News

TEN Files Shelf Registration With the SEC

Tsakos Energy Navigation Ltd. (TEN) announced that it filed a $300 million universal shelf registration statement with the U.S. Securities and Exchange Commission (SEC) on May 18, 2006, replacing a prior shelf registration filed in 2003. The filing will allow TEN to offer, from time to time and as corporate needs dictate, any combination of senior and subordinated debt securities, convertible securities, common shares, preferred shares, warrants and depository shares. TEN currently has ample liquidity and no immediate plans to access the capital markets. This shelf registration will provide TEN with financing flexibility as it continues to invest in its business and explore various opportunities for the long-term benefit of all shareholders.

Moody's May Upgrade Royal Caribbean

Moody's Investors Service placed the long term debt ratings of Royal Caribbean Cruises Ltd. on review for possible upgrade based on its improved debt protection measures, and the steady growth in earnings and cash flow as well as its reduced need for debt to fund capital expenditures following its equity issuance. Moody's review will focus on the impact of Royal's extensive ship building program on debt protection measures, the company's earnings vulnerability to an economic downturn and its sensitivity to changes in consumer spending on cruise vacations. Moody's also rated the company's $1.0 billion multiple shelf registration at (P) Baa3 and (P) "ba2" for senior unsecured debt and preferred stock respectively, and simultaneously placed these ratings on review for a possible upgrade.

Seacor Smit Files $200M Shelf Offering

Seacor Smit Inc., the provider of offshore marine services to the oil and gas industry, filed on Monday with the Securities and Exchange Commission to periodically sell up to $200 million in common and preferred stock, debt securities and warrants. The Houston-based company plans to use the net proceeds for general corporate purposes, it said in the shelf registration filing. Under a shelf registration, a company may sell securities from time to time in one or more separate offerings in amounts, at prices and on terms to be determined at the time of sale.

Diana Shipping Files Shelf Registration Statement

Diana Shipping Inc. announced that it has filed a shelf Registration Statement pursuant to which up to $423,525,000 of securities may be offered from time to time by the Company and up to 8,000,000 of the Company's common shares may be sold from time to time by the selling shareholders. The $423,525,000 of securities that may be offered by the Company represent the balance of the securities remaining under the Company's previous $500 million shelf registration statement that was filed on April 19, 2006, and does not constitute any additional securities that may be offered by the Company.

GulfMark Files $250M Shelf Registration

GulfMark Offshore, Inc. (Nasdaq:GMRK) announced it has filed a $250 million shelf registration statement on Form S-3 with the Securities & Exchange Commission to register the offer and sale by the Company from time to time of up to $250 million of various securities, which may include common stock, warrants, debt securities, and or preferred stock. "We have no immediate plans to offer any of the securities for sale, but believe it is prudent to have registered securities available to fund future opportunities," said president and chief operating officer, Bruce Streeter. He added that the new shelf registration statement replaces the one filed in 2000 that expired. GulfMark Offshore, Inc.

TEN Files Shelf Registration With The SEC

Tsakos Energy Navigation, Ltd has filing a $150 million universal shelf registration statement with the U.S. Securities and Exchange Commission. The filing will allow TEN to offer, from time to time, any combination of senior and subordinated debt securities, convertible debt securities, equity securities, preferred securities, warrants and depository shares. Proceeds from any offering under the registration statement may be used to finance the Company's capital expenditures (including the company's newbuilding program), potential acquisitions, and general corporate purposes, including working capital and the repayment of debt. TEN currently has ample liquidity and no immediate plans to access the capital markets.

Hornbeck Offshore Files Shelf Registration Statements

Hornbeck Offshore Services, Inc. has filed a universal shelf registration statement on Form S-3 and an acquisition shelf registration statement on Form S-4 with the Securities and Exchange Commission. Once declared effective by the Securities and Exchange Commission, the universal shelf on Form S-3 will enable the Company to sell from time to time, in one or more public offerings, up to $350 million of its common stock, preferred stock, debt securities or warrants to purchase common stock, preferred stock or debt securities, or any combination of such securities. In addition, the selling stockholders named in the Form S-3 may, subject to certain conditions, offer up to 2,250,000 shares of the Company's common stock in the future.

Diana Shipping Announces Public Offering of Common Shares

Diana Shipping Inc. announced that it is commencing a public offering of 10,000,000 primary shares of its common stock pursuant to an effective shelf registration statement. Wachovia Securities and JPMorgan will act as joint book running managers. The Company expects to grant the underwriters an option to purchase an additional 1,500,000 common shares to cover any over- allotments, exercisable within 30 days, and expects to price the offering in due course.

Global Completes Securities Filing

Global Industries Ltd. filed to sell from time to time up to $500 million in debt securities, common and preferred stock, depositary shares and warrants. Net proceeds will be used for general corporate purposes, which may include debt repayment, capital expenditures, future acquisitions and additions to working capital, the company, based in Lafayette, La., said in a shelf registration filing with the Securities and Exchange Commission.

Nordic American Tankers Announce Public Offering

Nordic American Tankers Limited announced commencement of a public offering of $87 million aggregate amount of common shares pursuant to the Company's effective shelf registration statement. The company then announced a follow-on offering of 9.75 million common shares has been priced at $9.60 per share. The common shares are being offered pursuant to the Company's effective shelf registration statement. The Company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson purchased 156,250 common shares in the offering on the same terms as other investors. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and DNB Markets Inc., Skandinaviska Enskilda Banken AB and Pareto Securities Inc. are acting as co-managers of the offering.

ACL Announces Amendment of Credit Agreement

American Commercial Lines Inc. (ACL) has obtained the necessary approvals from its bank lending group to secure an amendment to its revolving credit facility (the Credit Agreement). The amendment is effective June 26, 2008. The amendment eases certain financial covenants, increasing the leverage ratio from 3.0x at June 30, 2008 to 3.75x and decreasing the fixed charge coverage ratio from 1.50x to 1.25x until maturity. The amendment also adjusts the maturity date of the Credit Agreement from April 2012 to March 2009, and decreases the total revolving loan commitments from $600 million to $550 million. The Company also filed a $200 million unallocated shelf registration statement today.

OSG, DHT Announce Exercise of Overallotment Option

Overseas Shipholding Group, Inc. (OSG) and Double Hull Tankers, Inc. (DHT) announced that Merrill Lynch & Co. and UBS Investment Bank have exercised their option to purchase 750,000 shares of common stock of DHT. OSG granted the underwriters the 30-day option to purchase up to an additional 750,000 shares of common stock for the purpose of covering overallotments in connection with its previously announced offering of 5,000,000 shares of common stock of DHT. OSG expects to recognize an additional gain from the sale of the 750,000 shares of approximately $2 million in the second quarter of 2007. After completion of the sale, OSG's beneficial ownership of DHT's common stock will be reduced from approximately 12.5%, or 3,751,500 shares, to approximately 10.0%, or 3,001,500 shares.

Star Bulk Carriers Raises $51.5mln

Pic: Star Bulk Carriers Corp

Star Bulk Carriers Corp announced the execution of agreements with affiliates of Oaktree Capital Management, L.P. and Senator Investment Group LP to sell Oaktree and Senator an aggregate of 6,310,272 of its common shares, at a purchase price of $8.154 per share. The private placement, which is scheduled to close by early February 2017, is expected to result in aggregate gross proceeds to Star Bulk of approximately $51.5 million. The Company has agreed to grant shelf registration rights to the investors for the resale of their common shares.

Royal Caribbean Prices Public Offering

Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments. As previously announced, the company intends to use the net proceeds of the offering for general corporate purposes, including capital expenditures. The offering will be made to investors in the U.S. by managing underwriters Goldman, Sachs & Co., Merrill Lynch & Co., Banc of America Securities LLC, William Blair & Company, A.G.

OSG Announces Sale of DHT Shares

Overseas Shipholding Group, Inc. announced the sale of 4,600,000 shares of common stock of Double Hull Tankers, Inc. in a registered public offering underwritten by Merrill Lynch & Co. OSG expects to recognize a gain from the transaction of approximately $15 million in the first quarter of 2007. After completion of the sale, OSG's beneficial ownership of DHT's common stock will be reduced from approximately 44.50% or 13,351,500 shares, to approximately 29.17%, or 8,751,500 shares. This sale was made pursuant to DHT's existing shelf registration statement. DHT will not receive any proceeds from this sale of its common stock.

Star Bulk Raising Market Funds for Newbuildings

Star Bulk Carriers Corp. announce an underwritten public offering of common shares with the intention to use the net proceeds of the offering to partially fund the acquisition of nine identified newbuilding vessels, future vessel acquisitions and general corporate purposes, including working capital. The company also intends to grant the underwriters a 30-day option to purchase additional shares of common stock representing 15% of the offered shares. The common shares are being offered pursuant to the company’s effective shelf registration statement. Morgan Stanley is acting as the sole book-running manager for the offering. Star Bulk is a global shipping company providing worldwide seaborne transportation in the dry bulk sector.

Tsakos Energy Navigation Announce Public Offering

Photo: TEN

Tsakos Energy Navigation Limited (TEN) a product, crude and LNG tanker operator, today announced the pricing of its $50 million offering of 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at $25 per share. The company has also granted the underwriters a 30-day option to purchase up to $7.5 million of additional Series C Preferred Shares. TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments.

Nordic American Tankers Announces Public Offering

Nordic American Tankers Limited (NAT) today announced an underwritten public offering of 10 million common shares pursuant to the company's effective shelf registration statement. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and Global Hunter Securities, LLC is acting as co-manager of the offering. NAT also intends to grant the underwriters a 30-day option to purchase additional common shares representing up to 15% of the offered shares. The investors participating in this offering are entitled to a dividend of $0.23 per share. This dividend was announced April 2, 2014 and is payable to shareholders of record as of May 15, 2014.

NAT Closes Public Offering

Photo: NAT

Nordic American Tankers Limited announced today that, in connection with its previously announced public offering of 12,000,000 common shares at a public offering price of $8.62 per share, the underwriters exercised in full the option granted to them by the company and purchased an additional 1,800,000 common shares on the same terms on which the 12,000,000 common shares were sold to the underwriters. The company also announced that the closing of the follow-on offering and the closing of the option to purchase additional shares took place simultaneously today.

Nordic American Offshore Announces Public Offering

Photo:  Nordic American Offshore

Nordic American Offshore (NAO) has announced an underwritten public offering of 33,333,333 common shares pursuant to the Company’s effective shelf registration statement. Morgan Stanley & Co. LLC, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as joint bookrunning managers for the offering. The Company also intends to grant the underwriters a 30-day option to purchase 5,000,000 additional common shares. At the Company’s request, the underwriters have…

Safe Bulkers Exercises Option to Purchase Additional Shares

Athens, Greece - Safe Bulkers Inc., an international provider of marine dry bulk transportation services, announced today that it has sold an additional 750,000 shares of common stock pursuant to the underwriters’ option to purchase these shares at $6.50 per share, raising an additional $4,875,000 in aggregate gross proceeds before underwriting discounts and other offering expenses. The option had been granted in connection with a public offering of common stock, completed last week. Morgan Stanley, B of A Merrill Lynch and Credit Suisse acted as book-running managers and Evercore Partners acted as co- manager of the offering, which was made under an effective shelf registration statement.

DryShips: Public Offering of Its Senior Secured Notes

DryShips Inc. announced today that it intends to offer senior secured notes due 2017 (the “Notes”) pursuant to its effective shelf registration statement. The Company expects to use the net proceeds of the offering to refinance, in part, the Company’s outstanding $700 million aggregate principal amount of 5% Convertible Senior Notes due December 1, 2014. The Notes will be secured by first priority liens on certain shares of common stock of the Company’s subsidiary, Ocean Rig UDW Inc., owned by DryShips, plus certain additional or replacement collateral.   The Notes will be issued in minimum denominations of $1,000.00 and integral multiples of $1,000.00 in excess thereof.    

Malibu Boats Offers Two million Shares at $25.25/Share

Photo: Malibu Boats

US manufacturer of recreational boats Malibu Boats has announced the pricing of the follow-on offering of 2,000,000 shares of the Company's Class A Common Stock at a price to the public of $25.25 per share. The offering is expected to close on or about August 14, 2017, subject to customary conditions. The Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 300,000 shares of the Company's Class A Common Stock. If exercised, all additional shares will be offered at the public offering price per share of Class A Common Stock in the offering.

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

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