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StealthGas Inc Announces Closing Of Public Offering Of Common Stock

Tuesday, 30 Apr 2013 04:30pm EDT 

StealthGas Inc announced the closing of its previously announced public offering of 10,000,000 shares of common stock. In addition, the underwriters exercised their option to purchase an additional 1,500,000 shares of common stock in full, bringing the total number of shares sold in the offering to 11,500,000 shares. In each case, the shares were sold at a public offering price of $10.00 per share. The total gross proceeds from the offering before the underwriting discount and other offering expenses are $115,000,000. An entity controlled by the family of the Company's President and Chief Executive Officer has agreed to purchase 575,000 of the shares sold in the offering. 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 acted as joint book-running managers, and Global Hunter Securities, Clarkson Capital Markets and Evercore Partners acted as co-managers for the offering, which was made under an effective shelf registration statement. 

Company Quote

24 Dec 2014