SafeBulkers Price Public Offering
Greece's Safe Bulkers, Inc. has set the price of its public offering offering of shares. The Company says it plans to use the net proceeds of the public offering to fund its newbuilding program and for other general corporate purposes, which may include repayment of indebtedness. The public offering of 2,800,000 shares of its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series D Preferred Shares”) was priced at $25.00 per share.
GasLog Partners Announce Closing of its IPO
GasLog Partners LP, an international owner, operator and manager of LNG carriers, today announced the closing of its initial public offering of 9,660,000 common units representing limited partner interests (the “common units”), including 1,260,000 common units issued upon the exercise in full by the underwriters of their option to purchase additional units. The public offering price was $21.00 per common unit. The net proceeds from the offering, after deducting underwriting discounts and other offering expenses, were approximately $186 million.
GasLog to List on NY Bourse
LNG carrier owners and operators, GasLog Partners LP, inform it has priced its initial public offering of 8,400,000 common units representing limited partner interests at $21.00 per common unit. The common units will begin trading on the New York Stock Exchange on May 7, 2014 under the ticker symbol “GLOP”. The offering is expected to close on May 12, 2014. The underwriters have a 30-day option to purchase up to 1,260,000 additional common units from the MLP at the initial public offering price.
Greek Tankship Operators TEN Public Share Offering
Tsakos Energy Navigation Ltd. (TEN) plans to offer its common shares in a public offering. The Company says it plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, and for general corporate purposes. Entities affiliated with the Tsakos Holdings Foundation, which is the Company’s largest shareholder, have indicated their intention to purchase 500,000 of the common shares sold in the offering. The Company intends to grant the underwriters…
Container Ship Owners, Costamare, Plan NY Bourse Stock Offering
The offering is of Series C Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share, liquidation preference $25.00 per share. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase additional shares of the Series C Preferred Stock. Following the offering, the Company intends to file an application to list the Series C Preferred Stock on the New York Stock Exchange. Morgan Stanley & Co. LLC, UBS Securities LLC and Credit Suisse Securities (USA) LLC are acting as joint book-running managers of the offering, which will be made under an effective shelf registration statement. Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are acting as co-managers. About Costamare Inc. Costamare Inc.
Scorpio Tankers Public Stock Offiering
Monaco-based Scorpio Tankers Inc.intends to offer and sell 20,000,000 shares of its common stock in an underwritten public offering. The net proceeds of this offering are expected to be used for product tanker vessel and LPG carrier acquisitions, working capital and other general corporate purposes. UBS Securities LLC is acting as sole book-running manager in the offering, RS Platou Markets AS is acting as Joint Lead Manager and Global Hunter Securities, LLC is acting as Co-Manager. 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. A prospectus supplement related to the offering will be filed with the U.S.
Intelsat Commences Proposed IPO
Intelsat S.A. (formerly known as Intelsat Global Holdings S.A.) announced the pricing of its initial public offering of 19,323,672 common shares at a price of $18.00 per share and concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the “Series A preferred shares”) at a price of $50.00 per share. On the mandatory conversion date, May 1, 2016, each Series A preferred share, unless previously converted, will automatically convert into common shares. The Series A preferred shares will have a 5.75% dividend rate and a liquidation preference of $50.00 per share. The Company has granted the underwriters in the initial public offering of common shares a 30-day option to purchase up to an additional 2,898,550 common shares.
Intelsat Proposes Public Offering of Common Shares
Intelsat Global Holdings S.A. announced that it has commenced the distribution of preliminary prospectuses in anticipation of its proposed initial public offering of 21,739,130 common shares and proposed concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the "Series A preferred shares"). The offerings are being made pursuant to a registration statement on Form F-1 filed with the Securities and Exchange Commission. The company has granted the underwriters in the initial public offering of common shares a 30-day option to purchase up to an additional 3,260,869 common shares. The company has granted the underwriters in the public offering of Series A preferred shares a 30-day option to purchase up to an additional 450…
ACL Plan of Reorganization Confirmed
The United States Bankruptcy Court, Southern District of Indiana, New Albany Division confirmed the Plan of Reorganization for American Commercial Lines LLC and its affiliated debtors. ACL and its affiliated debtors, including American Commercial Barge Line LLC and Jeffboat LLC, filed for Chapter 11 protection on January 31, 2003. Richard L. Huber, Chairman and Chief Executive Officer of ACL said "We are extremely pleased to complete this reorganization process. The implementation of our Plan of Reorganization provides the best possible recovery for our creditors and ensures the Company's future viability. Our efforts are now focused on completing the steps required to emerge from Chapter 11 on January 10…
ACL Emerges From Chapter 11
American Commercial Lines LLC (ACL) has emerged from Chapter 11 protection pursuant to the Plan of Reorganization approved on December 30, 2004 by the United States Bankruptcy Court of Southern Indiana, New Albany Division. Under the terms of the Plan of Reorganization, ACL LLC’s emergence from bankruptcy became effective on January 11, 2005. Equity in ACL LLC was transferred to a new parent company, American Commercial Lines Inc. (“ACL”), which will transfer shares to the holders of approximately $278 million of pre-petition bonds and other secured creditors. On January 13, 2005, ACL renewed approximately $364 million of secured financing with JPMorgan Chase Bank N.A. as Agent for the pre-petition secured lenders. Bank of America, N.A.
Dresser-Rand Prices IPO
Dresser-Rand Group Inc. has priced its initial public offering of 27,000,000 shares of common stock at $21.00 per share. All of the shares are being offered by Dresser-Rand Group Inc. Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are serving as joint book-running managers of the offering. UBS Securities LLC is co-lead manager of the offering, and Bear, Stearns & Co. Inc., Goldman, Sachs & Co., Lehman Brothers Inc., Natexis Bleichroeder Inc., Simmons & Company International and Howard Weil Incorporated are co-managers of the offering. Dresser-Rand Group Inc. has granted the underwriters an option to purchase up to an additional 4,050,000 shares at the public offering price to cover over-allotments, if any.
Double Hull Tankers Files for IPO
Inc. (NYSE:OSG), filed a registration statement with the Securities and Exchange Commission for a proposedinitial public offering of its common stock. Double Hull Tankers, Inc. and to time charter them back to other subsidiaries of OSG. UBS Investment Bank and Merrill Lynch & Co. are serving as joint book-running managers of the offering. A copy of the prospectus relating to these securities may be obtained, when available, from: UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, 25th Floor, New York, NY 10171 or Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080.
ACL IPO Closes
American Commercial Lines Inc. (NASDAQ: ACLI) announced the closing of the initial public offering of 9,487,500 shares of its common stock at a price to the public of $21.00 per share. Of the shares sold in the offering, 7,500,000 shares were sold by ACL and 1,987,500 shares were sold by a selling stockholder. The shares sold by the selling stockholder included 1,237,500 shares purchased pursuant to an option granted by the selling stockholder to the underwriters, which was exercised in full. Based on the public offering price of $21.00 per share and after deducting underwriting discounts and commissions, the net proceeds to the Company were approximately $146.5 million, and the aggregate net proceeds to the selling stockholder were approximately $38.8 million.