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StealthGas Inc Announces Public Offering of Common Stock


Tuesday, 23 Apr 2013 08:38am EDT 

StealthGas Inc announced an underwritten public offering of 8,000,000 shares of its common stock pursuant to the Company's effective shelf registration statement filed with the Securities and Exchange Commission. An entity controlled by the family of the Company's President and Chief Executive Officer has indicated its intention to purchase approximately 5% of the shares offered in the offering. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to 1,200,000 additional shares of its common stock. The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels, including three secondhand LPG carriers and two newbuilding LPG carriers, which are scheduled for delivery in May 2013 in the case of the three secondhand LPG carriers, and during the first half of 2014 in the case of the two newbuilding LPG carriers. The Company intends to use the remaining net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes. Wells Fargo Securities and Deutsche Bank Securities are acting as joint book-running managers for this offering and Global Hunter Securities, Clarkson Capital Markets and Evercore Partners are acting as co-managers for this offering. 

Company Quote

8.33
0.11 +1.34%
24 Oct 2014