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Saturday, July 22, 2017

Diana Prices USD 70 mln Public Offering

April 20, 2017

Photo: Diana Shipping Inc

Photo: Diana Shipping Inc

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels,  announced that it has priced its previously announced underwritten public offering of 17,500,000 common shares, par value US$0.01 per share, at a price of US$4.00 per share. 

 
The Company has granted the underwriters an over-allotment option for a period of 30 days from the closing of this offering to purchase up to an additional 2,625,000 shares of common stock at the public offering price, less underwriting discounts.
 
As part of the offering, entities affiliated with Simeon Palios, the Company’s Chief Executive Officer and Chairman, executive officers and certain directors, have agreed to purchase an aggregate of 5,500,000 common shares at the public offering price.
 
The gross proceeds from the offering before underwriting discounts and other offering expenses are expected to be US$70.0 million. The offering is expected to close on April 26, 2017, subject to customary conditions.   
 
Substantially all of the net proceeds of the offering are expected to be used to fund the acquisition costs of additional dry bulk vessels, including two 2013-built Post-Panamax dry bulk vessels that the Company has agreed to purchase from unaffiliated third parties and one 2013-built Kamsarmax dry bulk vessel that the Company has agreed to purchase from an unaffiliated third party. 
 
The acquisition of the three vessels is subject to approval by the Board of Directors of the Company. Any net proceeds from the offering not used for vessel acquisitions will be used for general corporate purposes.
 
Wells Fargo Securities, LLC and Clarksons Platou Securities, Inc. are acting as joint book-running managers in the offering and BNP Paribas Securities Corp. is acting as co-lead manager.
 
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